As of the afternoon of March 19, Ethereum was trading at $2,110 on Binance, down 1.14% from the previous trading day and 6.4% over the past 24 hours. According to the 1-hour chart, the price is significantly below the 50-day moving average, while on-chain data from CryptoQuant shows that whale accumulation addresses are approaching their actual cost price.
1-Hour Chart Analysis
Since noon on March 18, the price has been on a downward trend. Several large red candles pushed the price down from $2,320 to $2,260, before breaking below $2,200, reaching $2,180 by the afternoon of March 18. The chart shows that the highest pink volume bar appeared during the early afternoon period. The price attempted to find temporary support in the $2,160 to $2,180 range on the evening of March 18, rebounding to $2,210 to $2,220 overnight.
However, this rebound was unsuccessful. On the morning of March 19, the price dipped again, falling from $2,200 to $2,160, and then showed a significant decline in the early afternoon, with the largest red candle on the right side of the chart indicating a notable drop. The lowest price touched $2,102, before slightly recovering to $2,113. The current trading volume is 35.6K ETH, with the most recent volume bar reaching a peak on the right side of the chart. The 50-day moving average is at $2,249, down 6.4% from the current price.
RSI Returns to Oversold Zone
The reading of the fast RSI purple line is 27.94, which is below the oversold threshold of 30. The slow yellow line is at 35.06, still above 30 but trending downward towards this level. The purple line dropped to a low near 20 around noon on March 18, then rebounded to 40 overnight. The decline on the afternoon of March 19 caused it to fall below 30 for the second time in 36 hours.
Entering the oversold zone twice within the same 36 hours reflects persistent selling pressure, with insufficient buying response during each rebound attempt. The yellow line did not drop below 30 during these two declines, indicating that the long-term momentum signal has not yet confirmed a complete capitulation, and is currently trending towards this level.
On-Chain Data Analysis
The chart covering 2018 to 2026 shows that the actual price line (orange) has steadily risen from below $100 in 2018 to around $2,000 to $2,200 in early 2026. The current ETH price of $2,113 is close to or slightly below this actual price level, as seen from the convergence on the right side of the chart.
The inflow chart reveals more significant immediate dynamics. The amount of ETH flowing into accumulation addresses has been at a high level since 2018, with the recent inflow bar (blue) approaching 1 million ETH.
This accumulation occurs when the price is below the actual cost price of these addresses. Whales are increasing their positions at prices lower than their average cost. This behavior aligns with confidence buying rather than panic selling.
Trend Line Rejection
