The cryptocurrency market is showing signs of recovery, with Ethereum emerging as the primary driver of this move. Over the past 24 hours, the second-largest cryptocurrency by market cap rose 3.44% to reach $2,320, breaking above the 50-day moving average for the first time in 12 trading sessions. Network activity, DeFi protocol volumes, and institutional ETF investments are all climbing simultaneously.
Technical recovery: 50-day EMA breakout
ETH reclaimed the 50-day exponential moving average at $2,285 — for the first time since early March. Traders view this as confirmation of a short-term trend reversal. Trading volume during the rally was elevated, adding confidence in the sustainability of this move.
The ETH/BTC ratio rose to 0.0313, testing the resistance level at 0.0320. A breakout above this level could signal the beginning of a full "altcoin season," when capital shifts from Bitcoin into alternative assets. BTC market dominance stands at 56.7%, indicating still-cautious positioning among investors.
Network activity is climbing
The number of active addresses on the Ethereum network increased 14% week-over-week to 487,000 per day. This reflects growing real-world usage of the network rather than just speculative trading. Simultaneously, ETH outflows from exchanges continue — a sign of accumulation, as long-term participants move assets to private wallets.
Staking activity is also rising following the Dencun upgrade, which significantly reduced transaction costs on Layer-2 solutions. The aggregate TVL of Layer-2 networks has approached $13.4 billion, a figure close to its all-time high.
DeFi ecosystem: TVL reaches $47.3 billion
Total value locked in Ethereum-based DeFi protocols grew by $2.1 billion over the past week to reach $47.3 billion. The 67% reduction in Layer-2 transaction costs following the Dencun upgrade has become a catalyst for capital flowing into decentralized finance. Lower fees are attracting both new users and those returning after a period of high gas expenses.
Institutional capital: $315M in a week and BlackRock's staking ETF
During the week ending March 16, Ethereum-based investment products attracted $315 million — the largest weekly inflow of 2026 so far. This nearly offset outflows from previous months. Overall, crypto funds attracted $1.06 billion for the week, extending a three-week streak of positive flows.
A separate catalyst was the launch of the iShares Staked Ethereum Trust ETF (ticker: ETHB) by BlackRock, which began trading on Nasdaq on March 12. The fund debuted with $107 million in seed assets and recorded $15.5 million in first-day trading volume. ETHB stakes between 70% and 95% of its ETH holdings through validators operated by Coinbase Prime, Figment, Galaxy Digital, and Attestant, with investors receiving approximately 82% of staking rewards as monthly cash distributions.
What's next for Ethereum
The Fear & Greed Index remains at 28, which historically corresponds to a capitulation zone and often precedes a trend reversal. The combination of technical recovery, growing network activity, and institutional flows creates a foundation for further ETH strengthening. Analysts point to $2,800 as the next target level if current momentum persists.
For those considering profit-taking after the rally, it is worth monitoring the best available rates to sell Ethereum for Ukrainian hryvnia at an optimal price. The key support level remains $2,285 — the 50-day EMA zone, the loss of which could trigger a pullback toward $2,100.
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