Ethereum price rallied to a six-week high of $2377.64 on Tuesday as institutional investors continue to accumulate the asset.

According to data from crypto.news, Ethereum (ETH) price rose 6% to hit $2,377.64 on March 17, its highest level since the beginning of February, before settling around $2,334 at press time. It extends its positive run for the fourth straight day, clocking gains of 13% in the period.

A major catalyst driving its gains came from aggressive buying from institutional investors. Notably, Tom Lee’s Ethereum Treasury company, Bitmine, has been a driving force that bolstered market confidence. Notably, the firm purchased nearly 61,000 ETH in the past week, bringing its total ETH stash to nearly 4.6 million, or around 3.81% of the ETH token supply.

In its latest Ethereum acquisition, Lee noted that the treasury company has accelerated purchases as analysts at the firm believe that the asset’s price has nearly approached a local bottom amidst the ongoing crypto bloodbath triggered by macroeconomic and geopolitical concerns.

Ethereum, along with other major crypto assets, has so far outperformed U.S. tech stocks since the start of the U.S.-Iran war, which sent crude oil prices surging to multi-year highs, sparking concerns of runaway inflation.

Ethereum price has also been backed by back-to-back inflows in spot Ethereum ETFs, which have drawn in retail attention. Data from SoSoValue show that U.S. spot ETH ETFs have hit a 5-day inflow streak for the first time since mid January, drawing in $248 million in net inflows.

Meanwhile, today’s rally was also supported by a short squeeze after ETH broke past $2,300, where a large cluster of short positions was liquidated.

On the daily chart, Ethereum price has recently broken above the 20-day and 50-day moving averages, suggesting that bulls are regaining control of the market. It has also surpassed the $2,200 key resistance that had served as a formidable ceiling in at least two earlier attempts in March.

The Supertrend has flashed green for the first time since Jan. 20. Typically, when the Supertrend indicator turns green, an asset’s price enters a sustained bullish phase. Additionally, the 20-day and 50-day SMAs are approaching a bullish crossover, a sign that upward momentum is gathering strength.

For now, $2,594 acts as the next key resistance area bulls would likely aim to challenge. A break above that level would mark a major shift in market sentiment and could lay the groundwork for a retracement towards the $3,000 psychological milestone.

On the contrary, failure to hold the 50-day SMA at $2,118 could lead to a retest of lower support levels as sellers look to capitalize on any signs of weakness.

An ex-Los Angeles County Sheriff’s Department deputy was sentenced to prison for his role in extorting victims alongside a jailed crypto figure.

Michael Coberg, who served as a deputy with the department, was handed a 63-month prison sentence for helping jailed crypto founder Adam Iza extort victims.

He has also been ordered to pay $127,000 in restitution.

According to prosecutors, Coberg received at least $20,000 a month for his services from Iza, who founded the crypto trading platform Zort and was known as “The Godfather.”

The incident dates back to October 2021, when Coberg was part of a team that picked up a man identified only as “L.A.” amid a financial dispute tied to Iza.

Coberg then brought L.A. to Iza’s house, where Iza recorded a video and forced him to transfer $127,000 to his bank account while Coberg stood watch.

Subsequently, Coberg was also accused of taking the victim to a firing range, where Iza held him at gunpoint and demanded the transfer of funds.

Prosecutors further noted that Coberg conspired to set up another victim, identified only as “R.C.,” in a drug-related arrest scheme.

Prosecutors also noted that R.C. had been targeted in coordination with Christopher Cadman, another former deputy who has also pleaded guilty in the case.

Coberg pleaded guilty in September to conspiracy to commit extortion and conspiracy against rights. Meanwhile, Iza is currently awaiting sentencing after pleading guilty last year to extorting multiple victims.

Cases involving crypto-related extortion, often referred to as wrench attacks, have been on the rise in recent years. As previously reported by crypto.news, a couple in western Paris was held hostage and forced to transfer roughly $980,000 in Bitcoin, underscoring how physical coercion is increasingly being used to bypass digital security measures.

Bitcoin (BTC) is closing in on its average entry price for US spot BTC exchange-traded fund (ETF) investors at $79,900. The narrowing gap between Bitcoin’s market price and the ETF holders’ cost basis coincides with onchain data that shows early signs of accelerated buying from investors.

Bitcoin ETF breakeven level nears key trend test

Bitcoin’s sustained price rally above $70,000 puts a key investor cohort back in focus. The ETF cost basis level acted as support in mid-2024, and a break above this level brings many ETF holders closer to breakeven.

The flow data adds further context to this shift. According to Bitcoin researcher Axel Adler Jr., the ETF flows flipped positive after persistent outflows through mid-February.

The seven-day average has since moved to steady inflows, with daily flows peaking above 3,300 BTC on March 2. The ETF holdings have expanded to 1,291,618 BTC from 1,264,982 BTC, a 26,636 BTC increase over the past month.

Investors’ ETF cost basis also aligns with a key daily trend. A decisive move through this range marks a reclaim of the 100-day exponential moving average (EMA) on the daily chart for the first time since October 2025.

A move above the 100-day EMA signals a shift into a long-term uptrend, which also reinforces the bullish momentum. It also serves as a key trend filter where sustained price action above it often leads to continued upside gains.

Related: ‘Bitcoin Standard’ author explores reality where decentralized gold stopped WWI

Bitcoin buyers begin to outpace sellers

The order flow across major exchanges shows a gradual shift in market behavior. Crypto analyst Darkfost noted that the 30-day volume delta on Binance and Coinbase has turned positive after sustained selling pressure in February. Both the retail and institutional flows are now collectively skewing toward accumulation. 

Bitcoin’s futures data reinforces this trend. Amr Taha noted that Binance’s cumulative volume delta (CVD) has rebounded by nearly $6 billion from its lows, tracking a rise in aggressive market buying since BTC traded near $63,000.

The metric remains below zero, though a significant portion of earlier sell pressure has now been absorbed during the recovery.

CryptoQuant data shows that short-term holder activity also aligns with this shift. The spent-output profit ratio (SOPR) metric, which shows whether coins are sold at a profit or loss, has moved back above 1, signaling that the selling pressure has eased and coins are now trading around or above their cost. Analyst miracleyoon said, 

“While this capitulation was not as severe as the August 5, 2024, event (which saw SOPR approach ~0.9), the series of recent capitulation signals appears sufficient to have flushed out weak hands.”

The data suggests that Bitcoin remains on track to test the $80,000 level, but a move above the key breakeven zone may determine the strength and direction of the trend in the coming weeks.

Related: Bitcoin analysis sees $68K support as gold slips at key $5K level