TLDR
- Ethereum struggles to hold above the $1,900 level, retracing its steps from the recent low of $1,750.
- An early Ethereum investor offloaded 2,001 ETH, reaping $3.82 million in sales, and pocketing a remarkable $8.66 million in profits.
- On March 28th, the market faced a wave of questions with $2.13 billion in Ethereum options coming to a close.
- ETH’s leverage ratio skyrocketed to unprecedented heights, witnessing close to $100 million in long liquidations.
- Technical indicators paint a complex picture: $1,860 bullish trend lines wrestle with the $1,920 resistance.
Ethereum's recent price movements resemble a thrilling ride, fending off resistance near $1,920, barely holding on despite an earlier dip. The market eyes every ETH move, eager to gauge momentum post-selling pressure.
Ethereum kicked off a recovery phase by charging past the $1,820 and $1,850 marks, having earlier held its ground at $1,750 and preparing for another ascent.
Ethereum bulls managed to push beyond the $1,880 hurdle, crossing the 50% retracement level from $2,032 down to $1,767, only to encounter staunch sellers at $1,920.
Trades in Ethereum currently float above $1,850, riding the 100-hourly Simple Moving Average, with bullish trends spotted around $1,860 on the ETH/USD hourly chart.
Key Resistance Levels
Ethereum's ascendancy meets crucial resistance markers that set the tone for its short-term trajectory, starting with $1,900 and the formidable $1,920 beyond.
Clearing these resistance barriers could propel Ethereum toward the $1,970 threshold, with potential upward momentum ushering in a run towards $2,020.
If Ethereum pushes above $2,020, the market might witness further gains in upcoming sessions, possibly ascending to the $2,050 or even hitting $2,120 soon.
Failure to overcome the $1,920 barrier may see Ethereum slip, with early support established near $1,860 and substantial backing at $1,845.
Whale Activity and Market Impact
A significant marketplace occurrence was when an Ethereum pioneer, an 'Ethereum OG,' liquidated the last 2,001 ETH, netting $3.82 million, albeit shy of what could have been a $23 million payday.
That transaction at $1,909 per ETH stirred discussions about evolving market narratives, hinting at new whales ready to dominate as initial investors exit.
Post-Divestment, Ethereum noted a minor 0.5% dip to $1,899, coinciding with an uptick in trading activities amounting to 1.2 million ETH shortly after.
Market motions implied a brief sell-off possibly catalyzed by this large sale. Chains on Ethereum saw a 5% surge in active addresses soon thereafter.
Options Expiry and Leverage Concerns
ETH tries to cling to the $1,900 marker after a hefty $2.13 billion options expiration on March 28, traditionally aligning with the last Friday each month. of Ethereum Recent options data indicated 301,000 ETH coins were bound within soon-to-expire contracts, totaling $574.3 million in market value, with a 0.39 call-put ratio seen as beneficial for bulls. Yet, uncertainty marred market trends post-expiry.
As ETH lingers below the $1,900 line—a former support area—selling pressures bear down, making it difficult to reclaim.
This bearish market reaction sent ETH price ETH's leverage ratio hit historical peaks, setting a stage for potential liquidation events, underscored by $97.85 million in long liquidations over 24 hours, underscoring leveraged risks.
Emerging reports suggest hackers may have capitalized on the sell-off trend. Data shows two wallets received 14,064 ETH from Chainflip and Thorchain, then offloaded them at $1,956, netting about $26.87 million in DAI.
The Ethereum market stands on the precipice, with its pulse monitored by technical indicators and shifting sentiments. Stakeholders keenly follow pivotal support and resistance landmarks in this turbulent environment.
Maisie, with a rich history in Crypto & Financial journalism, has penned for several notable platforms and now serves as Blockfresh.com’s Editor-in-Chief.
