From 15:15 to 15:30 on March 12, 2026 (UTC), ETH moved within a 1.15% range, rising from 2047.22 USDT to 2070.72 USDT, achieving a +0.94% gain. During this period, market attention increased significantly, trading volume expanded notably, and volatility heightened compared to normal levels. On-chain activity and capital flow data also synchronized with this surge, indicating that bullish forces were driving the market.
The main drivers behind this movement were concentrated on-chain capital inflows and positive expectations of a technical upgrade. On-chain data showed ETH active addresses reached 12,500, up 43.7% from the previous period, with 34,000 transfer transactions, an increase of 61.9%. Large transfer events surged to 18, a 157.1% increase quarter-over-quarter. A large amount of funds flowed from cold wallets into exchange hot wallets, with institutions and major holders accelerating their entry. Additionally, the Ethereum team recently released a roadmap involving Layer 2 scaling and Gas fee optimization, which was widely perceived as bullish, prompting automated trading buy orders to follow.
Meanwhile, the total value locked (TVL) in major DeFi protocols experienced a short-term rebound. ETH, as the underlying asset, benefited from increased capital demand. Mainstream cryptocurrencies like Bitcoin also rose, reflecting an overall improvement in market risk appetite. The US dollar index retreated in the afternoon, easing external liquidity pressure. Multiple factors resonated, amplifying ETH’s short-term strength. Breaking through technical resistance levels led to a gathering of quantitative and algorithmic buy orders, reinforcing positive feedback.
It is important to note that there is a risk of short-term correction after this price movement. Monitoring on-chain capital activity and market sentiment changes is essential. The specific implementation of the technical upgrade and the continued expansion of the DeFi ecosystem are also key points for future observation. It is recommended to watch key support levels around 2070 USDT and the flow of large funds to stay updated on market news and enhance risk management awareness.
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