Ethereum (ETH) closed the month of March with a modest gain of 1.33%, breaking a streak of two consecutive months of sharp, double-digit losses. While not a dramatic surge, the positive monthly close provides a psychological reset for investors after a period of heavy selling pressure in January and February, where ETH struggled to hold key support levels.
The rebound, though small, shifts market conversation from continuous losses to whether a price floor has been established. Traders are now watching to see if this stabilization can build momentum into April, potentially signaling a broader trend reversal. However, analysts caution that one green month does not erase underlying weakness, noting that ETH needs stronger follow-through, higher trading volume, and sustained market support for a lasting recovery.
From a technical perspective, the overall bearish structure remains largely intact. ETH is trading near $2,100, still confined within a descending channel that has defined its price action since late 2025. Key resistance lies at the $2,300–$2,400 supply zone, which rejected a recovery attempt in mid-March. On the downside, the $1,800 level is a critical support, with further levels at $1,600 and $1,400 if it fails.
On-chain data presents a mixed picture. A notable spike in active addresses during the February crash is interpreted by some analysts as a capitulation event—indicative of panicked selling—rather than a surge of new demand. For a credible bullish case to emerge, sustainable growth in daily active addresses alongside rising prices is needed.
