- Ethereum price surged 5.06%, hitting a session high of $2,195.99 before settling near $2,156
- Spot volume spiked 99.09% to $29.67B as Trump postponed Iran strikes, pushing Bitcoin past $71,000
- BitMine added 65,341 ETH last week and now holds 4.66 million ETH, 3.81% of total supply
- Analyst Ali targets $2,356 as the first key reclaim level, with mid-term bands at $2,647 and $3,639
Ethereum price gained 5.06% in Monday’s session, rising from a 24-hour low of $2,023 to a high of $2,195.99 before settling around $2,156. The move was not isolated, as it followed a macro catalyst that hit markets mid-session and reshaped positioning across the board. ETH coin had been grinding sideways through the early London hours before buyers stepped in hard at noon, a shift that was anything but quiet on the volume desk.
What Is Driving Ethereum Price Today
On March 23, President Donald Trump announced a five-day postponement of planned military strikes on Iranian power plants, describing the ongoing talks as productive. Bitcoin’s price cleared $71,000 within the hour, and the total crypto market cap rose 3.06%. Bitcoin’s own gain came in at 3.59%, and Ethereum coin outpaced it.
Spot volume for Ethereum surged 99.09% to $29.67 billion in 24 hours, nearly doubling, while the broader market’s volume growth was considerably more modest.
On the institutional side, BitMine Immersion Technologies added another 65,341 ETH last week alone, according to an SEC filing. The company now holds over 4.66 million ETH, roughly $10.17 billion, representing approximately 3.81% of the total circulating supply.
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Over 3.1 million of those tokens are already staked, with the firm targeting $272 million in annual yield. Chairman Tom Lee, navigating a $7 billion unrealized loss, has held the accumulation posture through the drawdown, citing historical precedent that markets tend to bottom early during geopolitical flare-ups.
Separately, data from Santiment shows that whales accumulated around 8,000 ETH, worth roughly $170 million, in the past week, pushing large-wallet holdings from roughly 14.08 million to 14.27 million ETH between March 18 and 23.
ETH Price Prediction: Key Levels and Technical Outlook
Ethereum price prediction from analyst Ali is structured around a multi-year ascending triangle on the weekly chart, with the recent sweep toward $1,800 serving as the trendline reaction point. That low aligned precisely with the triangle’s rising support, and the bounce from it carried enough weight to shift the daily Supertrend indicator to green, the first bullish flip on that timeframe since May of last year.
The on-chain picture adds to the setup. Ali notes the MVRV ratio recently dropped below 0.8, a level historically associated with peak undervaluation and, in prior cycles, preceded major bull-phase expansions. The convergence of the on-chain reset and technical trendline test is the basis for his bullish thesis.
Key levels from his MVRV Pricing Bands framework: $2,356 is the immediate level ETH must reclaim to confirm the move out of the accumulation phase. Mid-term, he’s watching $2,647 and $3,639 as breakout targets. Long-term expansion zones sit at $4,632 and $5,624. The all-time high region near $4,953, reached in August 2025, would need to give way before any move toward $10,000 becomes structurally viable, which would mark a full breakout of the multi-year triangle.
For now, the $1,655 MVRV floor holds as the critical support that defines the entire bullish structure. As long as that holds, the Ethereum price remains in what Ali describes as prime accumulation territory between $2,000 and $1,800. The $2,200 level is the immediate test. Sustained volume through that zone would be the first real signal that today’s move has continuation behind it rather than just relief buying.
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