Ethereum price hovers around $1990, with whales accumulating on dips, driving network activity to a ten-year high

March 4 News: Ethereum (ETH) prices have recently hovered between $1,980 and $1,990, failing to break through the key psychological level of $2,000. Santiment data shows that the number of daily active addresses on Ethereum has reached 837,200, a ten-year high. New wallet creations are about 284,800 per day, a 64% increase compared to five years ago, indicating sustained growth in network activity.

On-chain data indicates that over the past week, large whales holding 10,000 to 100,000 ETH accumulated about 120,000 ETH on Sunday and Monday, with a net inflow of 320,000 ETH. Meanwhile, smaller wallets holding 100 to 1,000 ETH sold approximately 210,000 ETH. U.S. investors remain cautious, with spot Ethereum ETFs recording $38.6 million in inflows. The sentiment index remains positive, showing buying interest is still steady.

In the futures market, ETH short positions have recently narrowed significantly, indicating a weakening of speculative shorting pressure. Long liquidation pressures are concentrated in the $1,900–$1,950 range, while shorts above $2,000 are gradually increasing. Glassnode data shows strong support around $1,800, with about 1.23 million ETH traded at an average of $1,890 over the past 30 days.

Technical indicators show the Relative Strength Index (RSI) at around 43, indicating weak momentum but not yet oversold. Key resistance levels are at $2,020, $2,050, and $2,080, with a break above $2,120 potentially opening the door to $2,200. Support levels are at $1,960 and $1,932; a drop below $1,895 could trigger further decline toward the $1,850–$1,820 range.

Overall, whale accumulation on dips and record-high network activity provide support, but prices remain constrained by technical resistance, with short-term volatility clearly defined. Market analysts suggest paying attention to the breakout of the $2,000 level and the battle between bulls and bears to gauge the next trend.