Key Insights:
- Investors withdraw $1.8 billion worth of ETH from exchanges, signaling accumulation
- Traders face $235 million in ETH long liquidations as prices drop sharply
- Ethereum’s price action aligns with the Wyckoff pattern, suggesting a potential breakout
ETH price experienced a 6.98% price decline during the last 24 hours, which reduced its value to $1,882.24, while its market cap fell to $227 billion. However, trading volume has experienced a significant increase of 140.60% to $35.6 billion while the market shows increased trader participation despite the price downturn.
The trading volume surge occurred at the same time Coinbase introduced 24/7 Bitcoin and Ethereum futures trading for U.S. traders through regulated crypto contracts.
The development aims to connect U.S. trading hours with global crypto market operations, which could boost ETH price liquidity and price discovery while stabilizing its value during periods of market volatility.
ETH Price Sees Largest Exchange Outflow Since 2022
Meanwhile, Ethereum experienced its biggest exchange withdrawal when investors removed $1.8 billion worth of ETH from exchange platforms during the past week.
The recent exchange withdrawal represents the largest amount since December 2022 and data from IntoTheBlock suggests that investors are moving their assets to private wallets instead of keeping them on exchanges.
Meanwhile, the negative ETH exchange netflows show investors are less likely to sell their assets. Price bottoms historically appear during these events before markets experience strong upward movements during the subsequent months.
And as a result, Ethereum’s price growth potential will strengthen through accumulation phases when demand stays steady or increases.
Currently, ETH maintains a trading price of around $1,500 as exchange reserves show ongoing reduction. If this trend persists, the ongoing supply reduction shows potential for price appreciation, but market sentiment together with external influences will determine the outcome.
Ethereum Liquidations Spike as Price Drops Below $2,100
Moving on, Ethereum experienced $235 million in long position liquidations on March 9, 2025 which triggered a significant market price drop. ETH price began trading at $2,225 before liquidations started rising, which peaked when prices reached $2,109.
A major liquidation event at 13:00 UTC caused Ethereum to drop to $2,025 before recovering slightly.
The automatic sell-off mechanism from leveraged traders results in long liquidations, which intensifies price drops.
The market shows price volatility as it processes the effects of these liquidations. If buyers step in at current levels, ETH may find stability at present prices, yet broader market conditions could drive prices lower.
ETH Price Follows Wyckoff Reaccumulation Pattern
Additionally, the behavior of Ethereum shows signs of a Wyckoff reaccumulation pattern, which indicates institutional buying activity before a potential breakout occurs. ETH price reached its Buying Climax (BC) at $4,000 before entering an Upthrust Phase (UT) in late 2024 which produced a temporary price increase followed by a reversal.
Currently, ETH remains in the Creek Phase at the $2,100 support zone that might function as a spring if the pattern holds.
The current price action of Ethereum suggests it may be entering Phase E which would require a breakout above $2,500–$2,800 to validate an ongoing bullish trend. This price pattern has previously triggered substantial market rallies that pushed prices toward $4,000.
Conversely, the maintenance of Ethereum’s price above $2,000 support level will determine how long the consolidation phase lasts before the next major price movement occurs.
However, during the Wyckoff reaccumulation phase, institutional investors start buying at lower levels as weaker hands get shaken out through price movements.
Ethereum’s price structure indicates a significant price movement may be coming, but it requires successful recovery of essential resistance levels for confirmation.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
