Ethereum (ETH) has found itself struggling to break above the $2,300 mark as the market continues to experience weak bullish momentum. Although some technical indicators show slight improvement, the overall market sentiment remains largely bearish. With the anticipation surrounding the upcoming White House Crypto Summit, Ethereum is caught in a tug-of-war between short-term resistance levels and potential bullish catalysts.

Ethereum’s Price Struggles and Technical Indicators

As of early March 2025, Ethereum’s price is struggling to maintain upward momentum despite the broader market’s volatile swings. The coin is still trading well below its key resistance level of $2,550, which has become a significant barrier to upward movement. Ethereum’s recent technical analysis presents a mixed picture, with the BBTrend indicator improving slightly but still showing negative values, indicating weak bullish pressure.

BBTrend, or Bollinger Band Trend, is a crucial indicator for measuring price deviations and market momentum. A deep negative BBTrend indicates bearish trends, while a positive reading suggests the opposite. Ethereum’s BBTrend recently climbed from -5.12 to -2.6, signaling an improvement, yet it still hasn’t flipped positive. This indicates that Ethereum has not fully gained momentum for a sustained uptrend. For ETH to transition into a bullish trend, BBTrend must break above 0 and maintain positive levels, a level it briefly touched two days ago but couldn’t hold, demonstrating the ongoing struggles with upward pressure.

Whale Activity and Its Impact

On-chain data has also provided some insight into potential price movements. Ethereum whale activity, defined as addresses holding at least 1,000 ETH, has seen a slight increase. The number of whales has grown to 5,768, up slightly from 5,762 on March 5, but still significantly lower than the peak of 5,828 on February 22. The recent increase in whale numbers could be attributed to the upcoming White House Crypto Summit, with investors possibly positioning themselves ahead of potential regulatory changes or the possibility of Ethereum being included in the U.S. strategic crypto reserve.

Whale activity is closely monitored as it can indicate shifts in market sentiment. Accumulation by whales is often interpreted as a bullish signal, as large holders typically invest with long-term gains in mind. However, for a stronger bullish case, this trend needs to continue and show sustained confidence in Ethereum’s long-term outlook. Until then, the overall trend remains bearish, and traders must stay cautious of potential downward price movements.

Support and Resistance Levels

Ethereum’s price currently hovers just below the $2,300 level, with several key support and resistance zones to monitor. The immediate support level is at $2,077, and if Ethereum fails to hold this price, a drop to $1,996 could be expected. This would further reinforce the bearish trend.

However, if Ethereum manages to reverse its current downtrend, it could challenge resistance at $2,550 and aim for higher levels. A successful breakout above this resistance zone could pave the way for a retest of $2,855. Breaking these levels could potentially push Ethereum toward the $3,000 mark, a significant level not seen since early February 2025, signaling renewed bullish momentum.

Conclusion

Ethereum’s market performance continues to be a mixed bag, as it struggles below key resistance levels while facing weak bullish momentum. While whale accumulation suggests some level of confidence in Ethereum’s future, the broader downtrend remains a cause for caution. Traders and investors will be closely monitoring Ethereum’s price action in the coming days, particularly in light of potential market-moving events such as the White House Crypto Summit. For Ethereum to shift into a bullish trajectory, it will need to break and sustain levels above $2,550 while holding critical support levels.