March 9 News: Ethereum (ETH) price has fallen nearly 8% since March 6, reaching a low of around $1,912, facing significant short-term support pressure. The recent decline was triggered by Ethereum co-founder Jeffrey Wilcke transferring 79,176 ETH to mainstream exchanges, worth approximately $157 million. This move was seen as a potential sell signal in the market, intensifying downward pressure.
Despite this, institutional investors remain interested. Data shows that from March 2 to March 6, Bitcoin spot ETFs saw a net inflow of $568 million, while Ethereum spot ETFs raised $23.56 million during the same period. Additionally, large wallets holding between 100,000 and 10 million ETH have continued buying during the recent dip, providing some market support. The current $1,920 level is viewed as a direct support; if it holds, ETH could rebound to $1,980 or even $2,000.
Resistance levels are also significant. $2,000 is the first key resistance, followed by $2,050, which corresponds to the 50% Fibonacci retracement of the recent $2,200 to $1,912 decline. If ETH breaks through these resistances, it could set the stage for a price recovery, but short-term pressure remains.
Technical indicators show clear bearish signals. ETH price is below the 100-hour simple moving average, with major moving averages well above the current price. Short-term indicators include RSI at 42.4, Stochastic Oscillator at 40.4, CCI at -47.7, and ADX at 29.9, indicating an existing trend that is not yet extreme. A break below $1,920 could see the next support at $1,880, with further declines possibly reaching the $1,800 zone, which has historically attracted buying interest.
As of March 9, 2026, ETH trading price is approximately $1,939, still unable to return to the $2,000 level. Market focus remains on large holder movements and technical support levels, which will determine whether a short-term rebound occurs or the price continues to face pressure.
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