March 3 News: Ethereum’s price has rebounded significantly driven by large institutional purchases and a renewed risk asset sentiment, once again surpassing the $2,000 mark. Data shows that Ethereum briefly reached a high of $2,072, then oscillated above $2,000. The current price is around $2,008, nearly an 8% rebound from the low following U.S. President Trump’s announcement of military action against Iran.
One key factor behind this rebound is continued institutional accumulation. Digital asset firm Bitmine recently disclosed that it bought an additional 50,928 ETH, worth approximately $103 million. This increase brings its total ETH holdings to 4,473,587, with a market value close to $9 billion at current prices. Market analysis suggests that sustained large-scale buying by institutions often reinforces investor expectations of Ethereum’s long-term value.
The macro environment also influences market sentiment. After U.S. manufacturing PMI data exceeded expectations, risk assets briefly gained favor, with Bitcoin quickly rebounding from about $65,000 to nearly $70,000. This rally also helped lift Ethereum. Meanwhile, there was a large-scale short squeeze in the leverage market. Data shows that over $85 million in Ethereum derivatives were liquidated in the past 24 hours, with about $57 million coming from short positions.
Despite the short-term rebound, market sentiment remains cautious. Bitcoin repeatedly failed to break the $70,000 resistance, and ongoing tensions in the Middle East have led some funds to flow back into safe-haven assets like gold, limiting further upside in the crypto market.
Historically, Ethereum’s cycle performance is also under pressure. Since September 2025, Ethereum has experienced six consecutive months of decline, setting the longest monthly losing streak on record. Although March’s average return was nearly 6%, macroeconomic uncertainties have kept the market cautious about a reversal.
Technical signals are also noteworthy. The weekly chart shows Ethereum has formed a large head and shoulders top, a typical bearish reversal pattern. Additionally, the super trend indicator has turned red, and the Chaikin Money Flow index is at -0.15, indicating ongoing capital outflows.
Currently, traders are focusing on the $1,800 support level. A break below this key level could lead to further declines. Conversely, if Ethereum breaks above the $2,200 resistance, especially the 23.6% Fibonacci retracement level, the market structure could shift back to a bullish trend.
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