Ethereum Price Surge: What’s Behind Today’s Rise?

March 9, 2025 by Jhon E. Bermúdez

Ether ETH Ethereum Market Cap $241.86B Volume (24h) $10.54B View More has been making waves, surging 7% in 24 hours to around $2,350 on March 3rd. It even briefly touched $2,550 before traders took profits. And even with some profit-taking following that peak, Ether is still up 13% from its $2,075 low last week. ETH/USD

Ether

ETH

has been making waves, surging 7% in 24 hours to around $2,350 on March 3rd. It even briefly touched $2,550 before traders took profits. And even with some profit-taking following that peak, Ether is still up 13% from its $2,075 low last week.

ETH/USD four-hour price chart. Source: TradingView

Several factors are fueling Ether’s recovery from its recent lows, including:

Trump’s latest comments about a US Crypto Strategic Reserve.
A rise in ETH holdings among large investors, known as “whales.”
Positive technical indicators, highlighting strong support levels.

Trump’s Crypto Reserve Announcement Boosts Ether

The latest surge in Ether’s price is largely seen as a response to Trump’s recent announcement regarding a US Crypto Strategic Reserve.

Key points from the announcement include:

Trump’s directive to the President’s Working Group on Digital Assets includes adding XRP

, Solana , and Cardano

ADA

Cardano

Market Cap $25.25B

Volume (24h) $992.19M

View More

to the crypto strategic reserve.
Crucially, Trump specified that Bitcoin

BTC

Bitcoin

Market Cap $1.64T

Volume (24h) $22.74B

View More

and Ether would form the “heart of the reserve.”
This inclusion signals potential regulatory clarity and could pave the way for wider institutional adoption of ETH.
Market analysts interpret this move as a positive sign for Ethereum’s future role in the financial system.
Crypto analyst Poseidon, for instance, is predicting a rally to $4,000 by April.

Cryptocurrencies, Markets, Market Analysis, Ether Price, Ethereum Price — *Source:* *Poseidon’s X Post Thread*

Ethereum whales are waking up

Adding to the positive momentum, Ether’s recent gains also coincide with a consistent increase in the ETH supply held by whales.

Here’s what’s noteworthy:

Another factor contributing to Ether’s rise is increased activity from large investors. Data from Glassnode reveals that so-called ‘whales’ holding between 1,000 to 10,000 ETH have been consistently accumulating more Ether since January.

Related: Ethereum’s Pectra upgrade could lay groundwork for next market rally

ETH price bounces from multimonth support

Looking at the charts, Ether’s current price surge seems to come after a test of a long-term accumulation zone (highlighted in red). This zone has historically acted as a springboard for short-term price gains.

Here are the key technical observations:

Since December 2023, sellers (‘bears’) have repeatedly tried, but failed, to push Ether’s price below the $2,100-$2,500 range.
This price range is reinforced by a significant support level: the 200-week exponential moving average (EMA), represented by the blue line, currently around $2,300.
As of March 3rd, Ether is showing signs of a rebound, bouncing off the 200-week EMA support and now aiming for a further rally towards the 50-week EMA, around $2,910.
If Ether can successfully break through the 50-week EMA, the next target could be the upper resistance of its current sideways trading pattern (‘rectangle pattern’), sitting around $4,000.

The ‘Head and Shoulders’ (H&S) pattern is a bearish formation. It typically plays out when the price breaks below the neckline support, leading to a potential drop equal to the pattern’s height.
Should the current recovery falter, and the H&S pattern activate, technical analysis points to a potential downside target of $1,360 for Ethereum.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.