- Ethereum faces a risk of 12% drop as sellers continue to defend the $2,142 resistance.
- A breakout from the narrow range between $2,142 and $1,800 could determine the next dynamic move in ETH.
- Ethereum’s New address creation averaged 284,800, signaling strong network expansion.
On March 5th, the Ethereum price plunged 1.5% to reach its current trading value of $2,096. The downtick follows the footsteps of Bitcoin as the recovery momentum takes a short breather after the early week recovery. While ETH’s price action does not offer a clear conviction of sustainable recovery, its network activity shows strong underlying growth in fundamentals, bolstering its long-term potential for growth.
ETH Faces Pressure Near $2K Floor While On-Chain Activity Hits Multi-Year High
On Thursday, the cryptocurrency market witnessed a slowdown in recovery momentum, with its market cap falling roughly 2% to hold at $2.43 trillion. This pullback aligns with Bitcoin reverting from the $74K mark as renewed U.S.-Iran tensions spiked oil prices across broader markets and pressured risk assets.
Following this momentum, the Ethereum price reverts from $2,142, but the network activity continues to demonstrate a high growth in early March 2026. In a recent tweet, on-chain analytics platform Santiment highlights that the 30-day average for daily active addresses has reached 837,200. This figure represents an 82% rise from levels five years ago and a massive 1,135% increase over the last decade alone.
New address creation reports a similar trend of 284,800 on the same rolling basis. That is a 64% increase over 5 years ago and a 1,967% increase over 10 years ago. These numbers point to new and sustained user onboarding and engagement on the blockchain.
Meanwhile, ETH has seen short-term movements towards and around the $2,000 mark due to the ongoing trading pressure coming from both sides of the market. The combination of high activity metrics and price consolidation is a sign of underlying adoption trends continuing despite short-term volatility in valuation.
Ethereum Price Wobbles In a Narrow Range Before Next Breakout
With today’s market pullback, Ethereum shows a bearish reversal from the $2,142 resistance to currently trading at $2,088. This reversal signals intact overhead supply and sell-the-bounce sentiment in market participants, signaling a risk of continued consolidation ahead.
Over the past month, the Ethereum price has been consolidating within two horizontal levels of $2,142 and $1,800. Following the early February correction, the ongoing sideways action is meant to recoup the bearish momentum and bolster the next breakdown.
The downsloping EMAs of 50, 100, and 200 in daily charts accentuated that the path to least resistance is down amid a broader market downtrend. If the selling pressure persists, the ETH price could lose roughly 12% and breach the $1,800 support.
The post-breakdown falling could push this correction to the next significant support at $1,530.
On the contrary, if the buyers flip $2,142 resistance into potential support, the coin price could jump 14% to challenge a downsloping trendline at $2,450. The daily chart analysis highlights this declining trendline as key resistance that drives the current correction.
Also Read: Opinion ($OPN) Expands Market Presence After Major Exchange Listings
