Market
What to Expect After March’s Struggles

The leading altcoin, Ethereum, experienced a challenging month in March, marked by a series of bearish trends that reflected a broader market slowdown.
However, as the market begins to show signs of recovery, the key question for April remains: Can Ethereum regain its bullish momentum?
Ethereum’s March Woes: Price Crash, Activity Slump, and Growing Supply Pressure
On March 11, Ethereum plummeted to a two-year low of $1,759. This prompted traders to “buy the dip,” triggering a rally to $2,104 by March 24.
However, market participants resumed profit-taking, causing the coin’s price to fall sharply for the rest of the month. On March 31, ETH closed below the critical $2,000 price level at $1,822.
Amid ETH’s price troubles, the Ethereum network also experienced a severe decline in activity in March. Per Artemis, the daily count of active addresses that completed at least one ETH transaction fell by 20% in March.
As a result, the network’s monthly transaction count also plummeted. Totaling 1.06 million during the 31-day period in review, the number of transactions completed on Ethereum fell by 21% in March.

Generally, as more users transact and engage with Ethereum, the burn rate (a measure of ETH tokens permanently removed from circulation) increases, contributing to Ether’s deflationary supply dynamic. However, when user activity drops, ETH’s burn rate reduces, leaving many coins in circulation and adding to its circulating supply.
This was the case for ETH in March when it saw a spike in its circulating supply. According to data from Ultrasound Money, 74,322.37 coins have been added to ETH’s circulating supply in the past 30 days.

Usually, when an asset’s supply spikes like this without a corresponding demand to absorb it, it increases the downward pressure on its price. This puts ETH at risk of extending its decline in April.
What’s Next for Ethereum? Expert Says Inflation May Not Be a Major Concern
In an exclusive interview with BeInCrypto, Gabriel Halm, a Research Analyst at IntoTheBlock, noted that ETH’s current inflationary trends “may not be a major red flag” to watch out for in April.
Halm said:
“Even though Ethereum’s supply has recently stopped being deflationary, its annualized inflation rate is still only 0.73% over the last month, which is still dramatically lower than pre-Merge levels and lower than that of Bitcoin. For investors, this moderate level of inflation may not be a major red flag, provided that network usage, developer activity, and institutional adoption remain robust.”
Moreover, regarding whether Ethereum’s declining network activity has played a significant role in its recent price struggles, Halm suggested that its impact may be overstated.
“Historically, from September 2022 to early 2024, Ethereum’s supply remained deflationary, yet the ETH/BTC pair still trended lower. This suggests that macroeconomic and broader market forces can play a far more significant role than token supply changes alone.”

On what ETH holders should anticipate this month, Halm said:
“Ultimately, whether Ethereum dips or rallies in April will likely depend more on market sentiment and macro trends than on its short-term supply dynamics. Still, it’s essential to keep an eye on network developments that could spur renewed activity and reinforce ETH’s leading position in the broader crypto landscape.”
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Ethereum Holders Buy Heavily as Price Nears October 2023 Levels

Ethereum has experienced a challenging month and a half, with its price nearing a 17-month low at $1,802 at the time of writing. Despite this ongoing downtrend, which nearly sent ETH into a bear market, key investors have remained optimistic.
As Ethereum approaches these significant levels, many market participants believe that a price rebound could be on the horizon.
Ethereum Investors Capitalize On Low Prices
Ethereum’s supply on exchanges has dropped to a six-month low, indicating that investors are increasingly holding their assets off the market. This drop in exchange supply is often seen as a bullish sign because it suggests that long-term holders (LTHs) are accumulating more ETH at these low price levels, anticipating future price appreciation.
These investors are not willing to sell, demonstrating strong conviction in Ethereum’s long-term value. The decrease in exchange balances also indicates less short-term trading activity. This suggests that many investors are waiting for the price to rebound before making any moves.

Over the past month, Ethereum’s Liveliness indicator has declined, signaling that the selling pressure is weakening. Liveliness measures the activity of long-term holders, and a decline generally points to accumulation rather than selling.
This drop reflects the growing sentiment among Ethereum’s long-term investors, who are increasing their holdings and expecting the price to recover in the future. The decline in Liveliness suggests that many are confident in Ethereum’s fundamentals and are less concerned about short-term fluctuations.
This accumulation phase suggests that Ethereum’s market sentiment may be shifting. The confidence of LTHs—who hold significant influence over the asset’s price—could lead to a strong upward momentum once the market conditions improve.

ETH Price Needs A Nudge
Ethereum is currently trading at $1,802, just below the resistance level of $1,862. The price has been stuck under this barrier for six weeks, continuing the downtrend that has defined much of the recent price action. However, if Ethereum can break above $1,862, it could signal the end of the downtrend and the start of a price recovery.
Given the current market sentiment and accumulation by key holders, it is possible that Ethereum will continue to gain upward momentum. If Ethereum successfully breaks through the $1,862 resistance, it could move toward the $2,000 mark, regaining some of the losses from the previous weeks.

On the other hand, should the bearish sentiment intensify, Ethereum’s price may dip further toward its 17-month low of $1,745. Failure to secure support at this level could lead to even greater losses. This could extend the recent downtrend and leave many investors exposed to a prolonged bearish market.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
PENDLE Token Outperforms BTC and ETH with a 10% Rally

PENDLE has surged by 10% in the past 24 hours, making it the market’s top gainer during this period. The altcoin has even outperformed major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
With buying activity still underway, the PENDLE token is poised to extend its uptrend in the short term.
PENDLE Soars 43% After March Lows
PENDLE cratered to a seven-month low of $1.81 on March 11. As sellers got exhausted, the token’s buyers regained dominance and drove a rally. Trading at $3.24 at press time, PENDLE’s value has since climbed 43%.
The double-digit surge in the altcoin’s price has pushed it above the Leading Spans A and B of its Ichimoku Cloud indicator. They now form dynamic support levels below PENDLE’s price at $2.73 and $2.80, respectively.

The Ichimoku Cloud tracks the momentum of an asset’s market trends and identifies potential support/resistance levels. When an asset trades above the leading spans A and B of this indicator, its price is in a strong bullish trend. The area above the Cloud is considered a “bullish zone,” indicating that market sentiment is positive, with PENDLE buyers in control.
This pattern suggests that the token’s price could continue to rise, with the Cloud acting as a support level if prices pull back.
In addition, PENDLE currently trades above its Super Trend indicator, confirming the likelihood of extended gains.

The Super Trend indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.
If an asset’s price is above this line, it signals bullish momentum in the market. In this scenario, this line represents a support level that will prevent the price from any significant dips. For PENDLE, this is formed at $2.34.
PENDLE Holds Above Key Trendline
Since its rally began on March 11, PENDLE has traded above an ascending trendline. This pattern forms when a series of higher lows connect, indicating that the price of an asset is consistently rising over time.
It represents a bullish trend, showing that PENDLE demand exceeds supply, with buyers pushing prices higher.
This trendline acts as a support level. With the token’s price bouncing off the trendline, it signals that the asset is in an uptrend and likely to continue. In this scenario, PENDLE could rally to $3.60.

However, if selloffs commence, the PENDLE token could lose some of its recent gains and fall to $3.06.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the SEC Approve Grayscale’s Solana ETF?

Grayscale has submitted a registration statement with the SEC to convert its Grayscale Solana Trust (GSOL) into an ETF listed on NYSE Arca.
Despite the filing, prediction markets remain unconvinced about the chances of approval.
Is a Solana ETF Approval Still Unlikely for Q2?
On Polymarket, odds for a Solana ETF approval in the second quarter of 2025 stand at just 23%. Broader expectations for any 2025 approval are at 83%, down from 92% earlier this year.
The decline reflects regulatory delays. In March, the SEC extended review timelines for several ETF applications tied to Solana, XRP, and other altcoins.

This pattern suggests the agency may be holding off on decisions until a permanent chair takes over. Mark Uyeda, currently serving as interim chair, has not signaled a shift in stance.
Paul Atkins, Trump’s nominee to lead the agency, appeared before the Senate last week. Lawmakers questioned his involvement in crypto-related businesses, adding further uncertainty around future approvals.
Grayscale’s latest filing excludes staking, which could speed up the review process. The SEC has previously objected to staking features in ETF proposals.
When spot Ethereum ETFs moved forward last year, Grayscale, Fidelity, and Ark Invest/21Shares all removed staking components to align with the SEC’s expectations at the time.
Under Gary Gensler’s leadership, the SEC expressed concern that proof-of-stake protocols could fall under securities law. Asset managers adjusted their applications accordingly to move forward.
Following approvals for spot Bitcoin and Ethereum ETFs, several firms aim to expand their offerings to include other cryptocurrencies. They plan to offer access through traditional brokerage accounts without requiring direct asset custody.
Solana remains a strong contender due to its growing futures market in the US and a more favorable regulatory environment. Analysts view it as one of the next likely approvals if the SEC opens the door to more altcoin ETFs.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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