March 3 News: Ethereum (ETH) prices have recently experienced strong volatility, with bulls continuing to push through key resistance levels. ETH briefly reached a high of $2,089 before pulling back slightly and is now consolidating above the 100-hour simple moving average. Trading volume over the past 24 hours surged 15%, reaching approximately $26 billion, accounting for 11% of the circulating market cap, indicating strong buying momentum.
On-chain data shows that over the past three days, long positions have been liquidated by more than $50 million, and about $250 million worth of shorts have been closed within 24 hours. Analysts point out that a key price level is $2,150. Once ETH breaks through this area, it could trigger a short squeeze, pushing the price toward around $2,800, a roughly 40% increase. The daily RSI indicator also shows early buy signals, supporting a short-term upward trend.
Regarding exchange reserves, Ethereum balances have fallen to about 16 million ETH, the lowest in three years. Compared to over 23 million ETH at the beginning of 2023, this represents a reduction of about 7 million ETH over three years. This trend suggests investors are more inclined to transfer ETH into staking contracts, cold wallets, and decentralized finance (DeFi) protocols rather than waiting for market sell-offs, leading to a decrease in immediately sellable ETH.
In terms of support levels, if ETH drops below $1,960, the next supports are at $1,930 and $1,880, with a major bottom around $1,840. The hourly chart shows that after rebounding from $1,900, ETH has generated two buy signals. The first signal offers a risk-reward ratio of 2.35, while the second is still developing, with a current return of 0.6. Both suggest a near-term target price of $2,150.
Overall, with exchange reserves hitting new lows, bulls actively defending key levels, high trading volume, and short liquidations, the short-term outlook favors the bulls, and the market has strong upward potential. Investors should closely monitor the $2,150 resistance breakthrough and changes in exchange reserves to assess the next upward trend.
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