Ethereum Price Today: $1,960
- Exchange supply hits a 10-year low (870M ETH), per Santiment.
- Accumulation addresses added 2.11M ETH in March alone.
- Key support at $1,800 if the descending trendline breaks.
Ethereum (ETH) traded above $1,900 this Friday as investors intensified buy pressure in March. The Pectra upgrade could catalyze a rebound for this top altcoin.
Investors Ramp Up Accumulation Despite Price Dip
Santiment data reveals ETH’s exchange supply dropped to 8.7M ETH—a decade-low—signaling long-term holding sentiment.
"Exchange-held ETH decreased by 16.4% in just 7 weeks," noted Santiment.
Key Metrics:
- Accumulation wallets grew by 4.77M ETH (32%) year-to-date, with 45% of inflows (2.11M ETH) occurring in March.
- Futures open interest rose from 9.4M to 10.1M ETH, reflecting cautious optimism.
Strong buy pressure at current levels may establish a support zone, priming ETH for a rally if catalysts emerge.
Pectra Upgrade: A Potential Turning Point
Scheduled for testnet deployment this Wednesday (Hoodi), Pectra introduces:
✅ Transaction batching
✅ ERC-20 gas fee payments
✅ Sponsored transactions
✅ Increased staking limits
A successful testnet run could see mainnet launch within 30 days.
Price Forecast: Critical Levels to Watch
- Bullish Scenario: Rejection from the descending trendline may retest $2,070 resistance.
- Bearish Scenario: Breakdown below the trendline targets $1,800 support, with $1,500 as next buffer.
Technical Indicators:
- RSI and Stochastic Oscillators hover below neutral, testing moving averages.
- Daily close under $1,500 invalidates the thesis, potentially dragging ETH toward $1,000.
👉 Why Ethereum’s Pectra Upgrade Could Trigger a 2024 Rally
Ethereum FAQs
1. What is Ethereum?
A decentralized blockchain supporting smart contracts, dApps, DeFi, and NFTs. ETH is its native cryptocurrency.
2. How do smart contracts work?
Self-executing code that enforces agreements when predefined conditions are met.
3. What is Ethereum staking?
Validators lock ETH to secure the network and earn rewards, replacing PoW mining post-Merge (September 2022).
4. Why are gas fees high?
Transaction costs spike during network congestion as validators prioritize higher-fee transactions.
👉 Master Ethereum Staking: A 2024 Beginner’s Guide
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