[DigitalToday reporter Yeseul Kim] Ethereum (ETH) rises 2.93 percent in March, increasing the likelihood it posts its first rebound since August last year.

On March 28 (local time), blockchain outlet BeInCrypto said the shift to gains in March is viewed as a positive signal after Ethereum fell for 6 straight months from September to February, with more than 50 percent of its value wiped out. It said uncertainty remains.

Ethereum shows strength early in March but faces renewed downside pressure in the latter part of the month. ETH climbed to $2,380 on March 16, then fell to $1,970. It is now at $2,020 and still moving within a downward channel.

Concerns are also rising over whale selling and weakening buying. Ethereum whale wallets held 122.91 million ETH 48 hours ago, but that has fallen to 122.73 million ETH. It suggests selling pressure is intensifying alongside the price decline. The money flow index (MFI), which indicates buying, has also stayed weak throughout March, increasing the likelihood the downtrend continues.

Market experts analyse the $1,970 support level as a key variable that will determine Ethereum's next move. If it breaks, prices could fall further to $1,910 and $1,830, and in the worst case could drop to $1,650. If ETH regains $2,050, the outlet said, it could also be more likely to recover upward momentum.

Ethereum's circulating supply has also been shrinking quickly, raising expectations of a shift in market structure. Ethereum is seeing net outflows from exchanges, increased staking and reduced exchange holdings at the same time, shrinking the amount available for trading in the market. Analysts interpret this as an "early sign of a new market phase".