On March 2nd, it was reported that due to macroeconomic pressures, Ethereum’s price dropped approximately 1.5%, approaching $1,950, marking the seventh consecutive month of decline. On-chain data shows that over the past 90 days, wallets holding between 100,000 and 1 million ETH have been reducing their holdings, mostly outside of exchanges, indicating strategic position adjustments rather than short-term trading.
Market analysts note that Ethereum has broken through a key psychological level. Although there was a brief rebound, the price soon weakened again. Technical indicators show that the daily RSI is in oversold territory, funding rates have returned to normal, and open interest has decreased, reducing leverage risk in the market and suggesting that short-term selling pressure has eased.
Macroeconomic factors remain the main drivers, including inflation suppression measures that have dampened institutional investors’ interest in risk assets, making Ethereum one of the most impacted mainstream cryptocurrencies. Analysts state that the support level near the current price is a critical threshold. If ETH can hold this support and rebound to higher levels, the upward momentum could extend into previous resistance zones.
Market participants believe that this correction is primarily driven by macroeconomic conditions rather than deterioration in network fundamentals. Large whales’ continuous reduction of holdings has accelerated market volatility, but long-term holders still maintain positive positions, indicating overall market resilience. Investors are closely watching the price trend in the coming weeks, especially whether ETH will break below the $2,000 psychological level and whether a new buying opportunity will emerge.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bob Loukas Calls Bitcoin 'Horrendous' on Weekly Chart, Sets $49,000 Target - U.Today
Bob Loukas, a seasoned trader, shares a bearish outlook on Bitcoin, predicting a drop to $49,000. He dismisses the business cycle and halving effects on prices, identifying ongoing market conditions as a bear cycle. Despite this, Loukas maintains long positions in stocks.
UToday18m ago
ETH short-term increase of 1.52%: USDC large-scale burning and macro hedging sentiment resonate to boost buying interest
2026-03-02 15:30 to 15:45 (UTC), ETH price surged rapidly, with short-term returns reaching +1.52%. The fluctuation range was from 2021.82 to 2062.76 USDT, with an amplitude of 2.02%. This abnormal movement attracted widespread market attention, and volatility increased significantly.
The main driver of this abnormal movement was the recent large-scale USDC Treasury burn event on the Ethereum mainnet. On January 29, 2026, 50 million USDC were burned, leading to a contraction in stablecoin circulation and accelerating the adjustment of the capital structure within the ecosystem. Some on-chain liquidity
GateNews25m ago
BTC 15-minute increase of 1.41%: Geopolitical easing and institutional accumulation resonate to drive the rebound
From 15:30 to 15:45 on March 2, 2026 (UTC), Bitcoin (BTC) experienced a significant rebound in the short term, with a return of +1.41%. The trading range was between 68,433.0 and 69,535.2 USDT, with an amplitude of 1.61%. During the abnormality window, market attention increased significantly, volatility intensified, and short-term capital flow became active.
The main driving force behind this anomaly is the easing of geopolitical tensions combined with a return to risk appetite, leading some funds to re-enter the cryptocurrency sector. At the same time, institutional holdings continued to increase, and spot ETF capital flows...
GateNews25m ago
Chainlink Expands Ecosystem with 16 Integrations Across Six Services and Five Blockchains
Chainlink has expanded to 16 additional integrations this week, covering six services across five blockchains, including Arc, Canton Network, and World Chain.
Technical indicators suggest LINK still needs to clear major resistance before a stronger rally can begin.
Chainlink expanded its
CryptoNewsFlash31m ago
3 Altcoins To Watch in March — HBAR, SUI, and KITE
HBAR holds support while traders watch for breakout confirmation above $0.1030.
SUI faces volatility as 53.82 million tokens enter circulation.
KITE trades near all-time highs with upside toward $0.328.
March could shape the next move for three high interest altcoins. Price action now si
CryptoNewsLand36m ago
