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Ethereum Price Analysis: The cryptocurrency market entered March with a surge in volatility as the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> rally halted at $64000. A minor shift to sideways action has also impacted major coins like Ethereum, XRP, SOL, and BNB each wavering below their respective resistance. However, the massive inflow of capital in spot BTC ETFs which was one of the key reasons for the recent uptrend is still intact.
As per recent highlights from Lookonchain on March 1st, Grayscale (GBTC) reduced its Bitcoin holdings by 3,606 BTC ($223M), while eight <a href="https://coingape.com/markets/bitcoin-price-prediction-are-etf-inflows-fuelling-btc-rally/" rel="noopener noreferrer nofollow">spot BTC ETFs</a>, collectively added 10,999 BTC ($680M) to their portfolios. Blackrock alone accounted for 9,730 BTC ($601M) of this increase, showcasing a significant institutional shift toward Bitcoin investment.
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 Mar 1 Update:<a href="https://twitter.com/hashtag/Grayscale?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Grayscale</a> decreased 3,606 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($223M).
 8 ETFs added 10,999 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($680M), of which <a href="https://twitter.com/hashtag/Blackrock?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Blackrock</a> added 9,730 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a>($601M).<a href="https://t.co/38Tqp3p9D5" rel="noopener noreferrer nofollow">https://t.co/38Tqp3p9D5</a> <a href="https://t.co/8awhagxEJi" rel="noopener noreferrer nofollow">pic.twitter.com/8awhagxEJi</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1763586714541682952?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 1, 2024</a>
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Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-at-62k-ethereum-above-3400-as-shib-pepe-surge-over-50/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin At 62K, Ethereum Above $3400 As SHIB &amp; PEPE Surge Over 50%</a>
<h2 id="strong-investors-pull-906m-worth-of-ethereum-off-exchanges-in-vote-of-confidence-strong">Investors Pull $906M Worth of Ethereum Off Exchanges in Vote of Confidence</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/t/twgT99zJ.png" alt="BINANCE:ETHUSD Chart" width="1946" height="893">
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 Ethereum Price| Tradingview
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A look at the daily time frame chart shows the <a href="https://coingape.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum price</a> has witnessed intense buying pressure since the second week of February. From a local support of $2268, the coin price surged 51% to current trade at $3426.
This bull run can be attributed to collective events such as increasing inflow into BTC ETF, the steady progress in Ethereum’s hardfork upgrade Dencun, and positive sentiment around <a href="https://coingape.com/spot-ethereum-etf-top-crypto-lawyer-is-pessimistic-on-2024-approval/" rel="noopener noreferrer nofollow">Spot ETH ETFs</a>.
In a recent observation by the analytical tool IntoTheBlock, Ethereum (ETH) has seen a notable trend of withdrawal from exchanges, with $906 million worth of ETH leaving exchanges this past week. This marks the eighth consecutive week of net outflows for the second-largest cryptocurrency by market capitalization.&nbsp;
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 $906M of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> left exchanges this week, making it the eighth consecutive week of net outflows for the second-largest crypto asset <a href="https://t.co/v7VuqFUSCf" rel="noopener noreferrer nofollow">pic.twitter.com/v7VuqFUSCf</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1763555500552011879?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 1, 2024</a>
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The sustained movement of ETH away from exchanges could indicate a growing trend of long-term holding among investors or a decrease in selling pressure.
Also Read: <a href="https://coingape.com/crypto-prices-today-bitcoin-at-61k-ethereum-drops-to-3300-as-solana-xrp-gain/" rel="noopener noreferrer nofollow">Crypto Prices Today: Bitcoin At 61K, Ethereum Drops To 3300 As Solana &amp; XRP Gain</a>
<h2 id="strong-is-ethereum-price-poised-for-a-new-correction-strong">Is Ethereum Price Poised For a New Correction?</h2>
Currently trading at $3425, the Ethereum price witnessed a surge in supply pressure at $3524 evidenced by the daily candle with long rejection wicks. If the supply pressure persists, the coin price will revert to 5% to retest the breached trendline of the expanding channel pattern.
Sustaining this support will provide <a href="https://coingape.com/ethereum-l2-blast-integrates-with-onto-for-native-yield-update/" rel="noopener noreferrer nofollow">ETH</a> buyers a suitable foothold to prolong the current recovery to $3924, followed by $4235.
<h2 id="strong-technical-indicator-strong">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The fast-moving 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> may act as a first line of defense for buyers.</li>
 <li aria-level="1">Relative Strength Index: The daily RSI(80%) slope rising at the overbought region indicates the ETH price might need a minor pullback region bullish momentum.</li>
</ul>
The post <a href="https://coingape.com/markets/ethereum-price-analysis-pullback-before-leap-to-4000/" rel="noopener noreferrer nofollow">Ethereum Price Analysis Hints Last Pullback Before a Leap to $4000</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Ethereum Price Analysis Hints Last Pullback Before a Leap to $4000

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