Ethereum Sees Major Buying Activity on Coinbase
- Ethereum has witnessed net buys on Coinbase exceeding over $150 million since Sunday.
- The price hovers around $2,249 with strong support seen at $2,200.
- An upside breakout past $2,500 could cause Ethereum to race toward $2,800 in the near term.
Ethereum has seen intense buying activity on Coinbase, with more than $150 million in net buys since Sunday. Currently, ETH is trading around $2,249 and showing signs of emerging from a long downtrend. Historical patterns suggest that this level of buying might precede significant price movements, reminiscent of the accumulation seen six months ago prior to a major breakout.
> Coinbase spot market has been on a buying spree for $ETH
> The last time we saw something like this was October (6 months ago)
> Over $150M $ETH net market bought since Sunday
> — Dom (@traderview2) March 6, 2025
According to market data, Coinbase has dominated the buying action, far surpassing trading volumes on other platforms like Binance, Kraken, and Bybit. This strong buying activity suggests that institutional investors or large-scale buyers are leading this accumulation phase, which bodes well for price recovery.
Analysis of Price Action and Exchange Flow
Ethereum has faced significant resistance around the $2,500 mark, leading to a sequence of lower highs recently. However, strong support at $2,200 has prompted buyers to step in and absorb selling pressure. The distinctly different spot buying behavior on Coinbase compared to other exchanges signals a localized demand spike that could impact broader market trends.
The chart indicates weeks of downward price movements for Ethereum before it began to stabilize. The sharp increase in net buying on Coinbase signifies a potential buildup ahead of a price breakout, mirroring accumulation patterns observed in October that resulted in a substantial price increase.
Potential Breakout and Market Implications
If the buying trend continues, Ethereum could make significant progress, particularly towards breaking the crucial $2,500 resistance level. A successful breach could propel prices up to $2,800 and beyond. Conversely, if buying pressure diminishes, Ethereum might see a drop towards $2,100, where reliable support is anticipated.
Market observers are keen to see if this accumulation can lead to another substantial rally. Historical trends suggest Ethereum may be on the verge of a significant price movement, driven by strong demand in the Coinbase spot market. The future remains uncertain, dependent on whether buying persists or if sellers intervene to halt upward momentum.
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