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As bearish patterns intensify, ethereum dips under $2,000 again, but whales and staking data offer mixed signals.
Ethereum Price Struggles Below $2K as Analyst Eyes Return to $1,700 Support
Ethereum (ETH) fell below $2,000 again on March 23, testing investor confidence at a critical level.
The altcoin traded at $1,988 at press time, with a market cap of roughly $240 billion, according to CoinGecko.
Technical analyst MadWhale identified $2,200 as a key resistance zone. That level aligns with the upper boundary of a descending channel—a pattern associated with bearish continuation.
In a recent post, MadWhale warned that ETH could drop 13% if it fails to break above the channel, potentially revisiting the $1,700 support level last tested in early March.
Price action shows lower highs and a rounded top forming near resistance, which points to fading buyer strength.
Trading volume during recent gains has also remained weak, while sell-offs have attracted more activity.
Despite this, the Moving Average Convergence Divergence (MACD) indicator shows that bearish momentum might be slowing. A bullish crossover could emerge, leaving room for a short-term rebound.
Investors Stake $220M in ETH as Volume Slumps and Support Weakens
Ethereum’s price remains under pressure, but long-term holders appear undeterred.
According to Beaconcha.in, investors deposited 110,000 ETH—worth over $220 million—into Ethereum 2.0 staking contracts between March 20 and March 23.
The total staked supply rose from 33.72 million ETH to 33.83 million ETH within 48 hours.
This removed a portion of ETH from circulation, easing short-term sell pressure and helping stabilize price around the $1,950 level.
Analyst Patron viewed the uptick as a rotation into yield-generating assets amid growing market caution.
Rather than indicating disinterest, the move suggests some investors are opting for passive income while avoiding short-term volatility.
Still, the sharp 37.37% drop in trading volume over the same period raises concerns.
The imbalance between increased staking and declining liquidity highlights fragility in Ethereum’s current support zone.
Whales Seize Dip as Exchange Reserves Hit All-Time Low
Large investors appear to be buying the dip. According to analyst Ali Martinez, whales bought more than 120,000 ETH—worth roughly $236 million—in the past 72 hours.
“That’s a move that reflects market confidence,” Martinez wrote in a post.
Supporting this trend, the on-chain platform Lookonchain tracked a whale that had accumulated over 7,000 ETH, valued at $13.8 million.
The investor reportedly moved 4,511 ETH from OKX into Aave, borrowed USDT, and bought another 2,563 ETH.
Crypto analyst and trader MerlijnTrader urged investors not to panic, calling the current market setup familiar. He posted,
“Don’t sell your $ETH at the bottom! Ethereum’s pattern is repeating itself—just like after previous crashes.”
Meanwhile, Crypto Goos reported that ETH reserves on exchanges hit an all-time low, raising the potential for a supply squeeze.
Falling Fees and User Migration Raise Longer-term Concerns
While whales and stakers have offered some short-term support, Ethereum’s broader network activity continues to weaken.
According to protocol data, average transaction fees have dropped by 50% over the past week as on-chain engagement and smart contract usage decline.
Layer 2 upgrades have done little to stop users from moving to cheaper, faster chains like Solana and Avalanche.
This shift continues to erode Ethereum’s share in decentralized applications. Developers are working on updates like Pectra and Hoodi, but near-term demand remains low.
Ethereum Price still trades below $2,000, with $2,200 acting as resistance. Without stronger buying interest, a move toward $1,700 remains likely.
