Ethereum (ETH) has come under pressure as a major treasury firm, FG Nexus, offloaded a portion of its holdings.
At press time, ETH was trading at $1,937.26, down 4.4% in 24 hours and below $2,000, which has become a pivotal threshold.
According to sources, FG Nexus has sold over 7,500 ETH recently, bringing its total sales since late last year to more than 21,000 ETH.
This offloading comes at a time when the broader market sentiment is cautiously optimistic as technical indicators point to near-term risks.
Ethereum price analysis
The recent selling by FG Nexus highlights the influence of large holders on Ethereum’s price.
Such distribution adds to the selling pressure, especially when the altcoins are already trading below critical moving averages.
Ethereum remains below its 50-day, 100-day, and 200-day EMAs, suggesting that the broader trend is still bearish.
Momentum indicators reflect a mixed outlook with the Relative Strength Index (RSI) sitting at around 38, which leans toward a bearish sentiment.
However, the MACD line is above its signal, with green histogram bars expanding, indicating that some upward momentum is building.
Institutional investors, meanwhile, appear to be gradually returning to the market with the Ethereum ETFs recording notable inflows recently, signalling renewed interest from more risk-tolerant participants.
This combination of treasury selling and institutional inflows creates a nuanced market environment.
Technical levels to watch
Ethereum’s short-term support is currently around $1,901, a level that has acted as a buffer in recent trading sessions.
If the price dips below $1,901, the next significant support sits near $1,776. These levels could serve as safety nets for buyers looking to enter the market.
On the upside, the first resistance is at $2,023, and analysts highlight that a clear move above this level could open the way to $2,175 and eventually $2,396, giving the bulls a chance to regain control.
The token also recently rebounded from a weekly low of $1,800, showing that buyers are willing to step in at lower levels.
In the long-term, Ethereum’s prospects remain strong.
The roadmap toward quantum-proof upgrades and faster finality times reinforces confidence among investors, and it is expected to enhance network security and performance, attracting both retail and institutional interest over time.
Ethereum price forecast for March
For March, the immediate resistance to watch is $2,023, followed by $2,175 and $2,396 for potential upside targets.
The immediate support to watch is at $1,901, with $1,776 acting as a secondary safety level. A breach of these zones could trigger further selling pressure.
Momentum indicators suggest that a break above $2,000 could shift sentiment, allowing Ethereum to test higher resistance points.
At the same time, if selling pressure from large holders continues, the token may struggle to hold above support, reinforcing the broader downtrend.
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