Ethereum Surges 8% to $2,064, Bullish Momentum Builds

Ethereum (ETH) has surged past $2,064, marking an 8% increase in just 24 hours as of March 20, 2025. This price movement signifies a bullish breakout from an ascending triangle pattern, which is typically indicative of significant upward momentum. The price of ETH has shown resilience, developing higher lows and challenging the $1,950 barrier multiple times after briefly dipping below $2,000 on March 10. This resistance level eventually gave way, propelling ETH into a bullish zone. The 100-day exponential moving average (EMA) at $2,050 has now flipped into support, with analysts estimating a price target of $2,142 once the breakout is confirmed.

Ethereum's ability to recover several psychological levels underscores a growing bullish sentiment. The sharp price rise reflects increasing investor interest and suggests that, given favorable external market conditions, the altcoin could continue its upward trajectory. The strong bullish divergence in Ethereum’s price and relative strength indicator (RSI) further supports the possibility of a trend reversal. The RSI has shown a falling bearish influence, with higher lows forming in the RSI and lower trends in the price, indicating a bullish divergence. This technical pattern often precedes a significant upward movement, suggesting potential further gains.

According to a cryptoanalyst, Ethereum has retested its multi-year demand zone under $2,000. The analyst believes that if ETH continues to rise, it could recover the broader macro range of $2,196–$3,900. To maintain sustained bullish momentum, ETH needs to consolidate above $2,050 and maintain strong buying pressure. Market participants are closely monitoring Ethereum’s next resistance levels, with the immediate target set at $2,142, approximately 5% above its current value. The next significant resistance levels for ETH are $2,200 and $2,400.

Despite recent price adjustments, long-term investors have been accumulating Ethereum at an unprecedented pace. On March 12, Ethereum accumulation addresses saw a one-day inflow of 345,210 ETH, setting a new record. These accumulation zones, which are primarily used for long-term investment, have seen no outgoing transactions. The rising inflows indicate that both institutional and retail traders are taking advantage of the opportunity to purchase ETH at a discount, as the digital currency remains 58.4% below its all-time high. In 2024, accumulating wallets added over 5.8 million ETH, with 4.73 million ETH picked up in less than three months in 2025, highlighting the accelerating trend. This accumulation trend suggests that significant investors believe in Ethereum’s long-term growth potential and often precedes bullish market cycles, indicating that Ethereum could experience a prolonged upward trend in the coming months.

The current price behavior of Ethereum and its accumulation trend point to a strong bull market sentiment. However, the crypto market remains volatile, and there is always some risk involved. If ETH successfully converts $2,050 into support, it could test higher resistance levels, paving the way for a more substantial recovery. Long-term optimism is driven by institutional demand and network improvements, including Ethereum’s transition to staking and Layer 2 scaling technologies. While short-term fluctuations are expected, the fundamentals of Ethereum remain robust, positioning it for further growth in 2025.