Capital Is Rotating From Bitcoin To Ethereum – On-Chain Data Shows It Is Not Over
Ethereum is holding above key price levels as the market prepares for a decisive move. The chart looks constructive. The March data from XWIN Research Japan explains why the chart may be understating what is actually happening beneath it. This transition is constructive, but not yet decisive. ETH remains below its 100-day (green) and 200-day (red) moving averages, both trending downward, which keeps the broader structure bearish. However, the 50-day moving average (blue) is beginning to flatten and price is interacting closely with it, signaling that short-term momentum is stabilizing.Related Reading
The key development is the change in behavior. The violent sell-off has been replaced by controlled consolidation, with reduced volatility and more consistent buying on dips. Volume spiked during the February decline, indicating forced liquidations, and has since normalized, suggesting that the market is no longer under stress.
Structurally, Ethereum is transitioning from distribution to early accumulation. A confirmed shift would require a sustained move above the $2,400–$2,600 range, where the 100-day average sits. Until then, this remains a recovery attempt within a broader downtrend, but with improving underlying conditions.
Featured image from ChatGPT, chart from TradingView.com
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