Ethereum Price Surge: What’s Driving ETH Up Today?

Ethereum (ETH) has experienced a notable price increase today, following a successful breakout from an ascending triangle pattern. This technical movement has caught the attention of traders and investors alike, leading to discussions about the future trajectory of ETH. In this article, we will delve into the factors contributing to this price surge, including technical analysis, market sentiment, and accumulation trends.

Understanding the Ascending Triangle Pattern

On March 10, Ethereum’s price fell below the critical $2,000 mark, prompting a series of higher lows that indicated a potential reversal. The altcoin faced multiple retests at the immediate resistance level of $1,950, which served as the neckline of the ascending triangle pattern. This pattern is characterized by a series of higher lows converging towards a horizontal resistance line, suggesting that buyers are gradually gaining strength.

Technical analysts have noted a bullish divergence between the price of Ethereum and the relative strength index (RSI), which often signals a potential reversal in trend. This divergence became evident as ETH reached a local bottom at $1,752, indicating that the bullish momentum is beginning to take charge against the prevailing bearish trend.

Technical Targets and Resistance Levels

With the confirmed bullish breakout from the triangle pattern, analysts have set technical targets for Ethereum’s price. The immediate target is set at $2,142, which represents a roughly 5% increase from ETH’s current price. However, traders should be aware of the resistance posed by the 100-day exponential moving average (EMA), currently positioned at $2,050. For Ethereum to reach the target of $2,142, it is essential for this resistance level to be flipped into support.

Market Sentiment and Accumulation Trends

Rekt Capital, a well-known crypto analyst, has pointed out that Ethereum recently tested its multi-year demand zone below the $2,000 level. This zone is critical for potential bullish reversals, as it indicates strong buying interest from long-term holders. Despite recent price corrections, there has been a significant accumulation of ETH, with traders stockpiling the asset at a notable rate.

On March 12, Ethereum inflows into accumulation addresses reached a one-day record of 345,210 ETH. Accumulation addresses are specific wallet classifications that track long-term holding behavior within the Ethereum network. These addresses typically exhibit no outgoing transactions, indicating that the ETH is being held rather than spent or transferred. Over the past year, these addresses have amassed over 5.8 million ETH, demonstrating a strong commitment to holding the asset.

Increased Accumulation in 2025

The accumulation rate has seen a significant uptick in 2025, with the same addresses acquiring 4.73 million ETH in less than three months. This trend suggests that large holders are capitalizing on Ethereum’s current low price, which is approximately 58.4% below its all-time high. The ongoing accumulation reflects a bullish sentiment among investors who believe in the long-term potential of Ethereum.

Onchain Data Insights

Onchain data further supports the notion that large holders are strategically adding to their ETH positions. As the price remains low, these investors are taking advantage of the opportunity to acquire the altcoin at a discount. This behavior is indicative of a broader market sentiment that may lead to a price recovery in the near future.

Investment Considerations

While the current price surge of Ethereum is encouraging, it is essential to approach the market with caution. This article does not constitute investment advice or recommendations. Every investment and trading move carries inherent risks, and readers are encouraged to conduct their own research before making any financial decisions.

Conclusion

In summary, Ethereum’s price increase today can be attributed to a successful breakout from an ascending triangle pattern, bullish divergence signals, and significant accumulation by long-term holders. As the market continues to evolve, it will be crucial for investors to monitor key resistance levels and market sentiment. With a target of $2,142 in sight, Ethereum’s future price movements will depend on its ability to maintain momentum and overcome resistance levels.