Why is Ethereum ( $1,584.65 ) (ETH) price up today?

Ether (ETH) jumped 7% in 24 hours to around $2,350 on March 3, briefly topping $2,550 before profit-taking. Despite the rebound, it remains up 13% from its $2,075 low last week.

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Multiple catalysts are helping Ether rebound from its recent lows, namely:

• Trump’s latest update on US’s Crypto Strategic Reserve.

• Increasing ETH supply among whales.

• Improving technicals, including a strong support confluence.

Trump to include ETH in Crypto Strategic Reserve

Ether’s latest price surge is largely attributed to Trump’s announcement of a US Crypto Strategic Reserve.

What to know:

• Trump directed the President’s Working Group on Digital Assets to include XRP ( $0.00 ) ( XRP ( $0.00 ) ), Solana (SOL), and Cardano ( $0.16 ) (ADA) in a crypto strategic reserve.

• Trump added that Bitcoin ( $61,322.00 ) (BTC) and Ether would be at the “heart of the reserve.”

• Being part of a national reserve strategy may suggest regulatory clarity and institutional acceptance of ETH.

• Analysts view this as a bullish signal for Ethereum ( $1,584.65 ) ’s long-term role in the financial system,

• Popular crypto analyst Poseidon, for example, anticipates a rally to $4,000 by April.

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Ethereum ( $1,584.65 ) whales are waking up

Ether’s gains in the past 24 hours further appear after a consistent increase in the ETH supply held by whales.

Key takeaways:

• Large ETH holders (1K-10K ETH) have been stepping up their accumulation of ETH since January, data from Glassnode shows.

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Related: Ethereum ( $1,584.65 ) ’s Pectra upgrade could lay groundwork for next market rally

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ETH price bounces from multimonth support

Ether’s gains today appear after testing a multimonth accumulation zone (the red area) that has historically led to short-term price rebounds.

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Key points:

• Ether bears have failed to drive prices below the $2,100-2,500 range since December 2023.

• The range includes a key support level in the form of the 200-week exponential moving average (200-week EMA; the blue wave), currently at around $2,300.

• As of March 3, Ether is rebounding after testing the 200-week EMA as support, eyeing an extended rebound toward the 50-week EMA at around $2,910.

• A breakout above the 50-week EMA could send the price toward the upper boundary of its prevailing rectangle pattern at around $4,000.

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• The H&S pattern resolves when the price breaks below its neckline support and falls by as much as the pattern’s maximum height.

• If the current recovery fails, this technical rule brings $1,360 as Ethereum ( $1,584.65 ) ’s primary downside target.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.