Bit (ETH) is facing difficulties, declining nearly 30% in the past 30 days as negative sentiment continues to weigh on this asset. In the past week, Bit (ETH) has remained stuck below the $2,000 USD mark, unable to reclaim key resistance levels.
Although some indicators like BBTrend are showing initial signs of stabilization, whale activity suggests caution in the behavior of large investors. As Bit (Ethereum) trades near critical support zones, the market is closely watching to see if the downtrend will deepen further or if the bulls can generate a significant recovery.
BBTrend has turned positive after 6 days, but remains modest
Bit (Ethereum)'s BBTrend indicator is currently at 0.22, having just turned positive after spending six consecutive days in negative territory.
During that time, it reached a low of -17.68 on 13/03/2025, reflecting strong bearish momentum.
This shift marks a potential early sign of stabilization for Bit (Ethereum). The indicator has crossed above 0, signaling that sellers may be losing control in the short term, as recent Bit (Ethereum) network activity has reached its lowest level of the year.
Bit (ETH) BBTrend. Source: TradingView.BBTrend, or Bollinger Band Trend, is a momentum-based indicator that measures the strength and direction of price trends relative to Bollinger Bands. Readings below 0 typically indicate bearish conditions, while those above 0 signal bullish momentum.
Thresholds around -10 or +10 often highlight periods of more convincing trend strength. Bit (Ethereum)'s BBTrend has now returned to positive territory after an extended decline, suggesting that selling pressure may be easing.
However, at just 0.22, the indicator remains low, signaling that while the sell-off may be cooling, the market has not yet shifted into a strong uptrend.
Whales are not accumulating Bit (Ethereum)
The number of Bit (Ethereum) whales - addresses holding at least 1,000 Bit (ETH) - has been gradually declining since 22/02/2025, after reaching a peak of 5,828 addresses.
The current number of Bit (Ethereum) whales stands at 5,752, although there has been a modest recovery effort in recent days, with Bit (Ethereum)'s market dominance reaching its lowest level since 2020.
This gradual decline in large holders suggests a cautious approach among key players. Some whales are reducing their exposure or taking profits as Bit (Ethereum)'s price action remains mixed.
Bit (ETH) Whales. Source: Glassnode.Monitoring whale behavior is crucial as these large addresses often act as market makers, potentially influencing price trends through their buying or selling activity.
The decline in Bit (Ethereum) whales may indicate a decrease in confidence or a shift towards a risk-averse sentiment among institutional investors or high net worth individuals.
This downward trend in whale accumulation could limit the strength of any potential price rallies, as fewer large players are positioned to provide strong buying support in the short term.
Will Bit (Ethereum) drop below $1,700 USD in March?
Bit (Ethereum) is under pressure, trading below the $2,000 USD mark for the past seven days. Sellers have kept this asset below key resistance levels.
Current support stands at $1,823 USD, and if this level is tested and broken, Bit (Ethereum) could dive deeper to $1,759 USD and potentially drop below $1,700 USD for the first time since 10/2023, although some experts defend its future as being like Amazon and Microsoft in their early days.
Bit (ETH) Price Analysis. Source: TradingView.However, if Bit (Ethereum) prices can stabilize and build an uptrend, it could challenge the immediate resistance at $1,956 USD.
A breakout above this level could pave the way for a rally to $2,106 USD, with bullish momentum potentially pushing Bit (ETH) to test $2,320 USD and even $2,546 USD.
A breakout above $2,500 USD would mark the first time Bit (Ethereum) has reclaimed that level since 02/03/2025, signaling a significant shift in market sentiment and buyer strength.
