A Record 6 Million ETH Bought Between $1,800 and $2,000: Will Ethereum DeFi Recover?

Ethereum price surges as $1,800-$2,000 signals a strong Ethereum support level. Will ETH hit $3,000 driven by a resurgence in Ethereum DeFi?

Ethereum crypto is on the cusp of reversing sharp losses posted on March 10 and breaking above a two-week range. This development will mark a major shift for buyers who, in recent weeks, have had to watch as ETH prints discouraging lower lows, trailing some of the best meme coins to invest in 2025.

According to Coingecko, the second most valuable coin is firm, and up by over 8% as it trends above $2,000. If the uptrend continues today, it may become among the best cryptos to buy.

(ETHUSDT)

Ethereum Price Breaks $2,000 As Demand Spikes

With prices above $2,000, optimism is high that the coin could register even more gains, considering the importance of the zone between $1,800 and $2,000 on the Ethereum price prediction 2025.

On X, one analyst observes that over three million investors collectively bought more than six million ETH between $1,886 and $1,944. This unprecedented accumulation level at this zone means that this price range is a critical Ethereum support level and could be an area where the coin recovers, assuming prices drop.

More than 3 million investors bought 6.12 million #Ethereum $ETH between $1,886 and $1,944, making this the most important support level right now. pic.twitter.com/UlU6f4LjWu

— Ali (@ali_charts) March 24, 2025

 

For buyers, this Ethereum support level is key. It could be the foundation for the next leg of higher highs, lifting ETH toward $3,000 and even $4,100. Technically, if yesterday’s gains are confirmed in the coming few days, the Ethereum price may break above a descending channel.

If the breakout is with rising volume, it could signal a new formation that would lift ETH toward key resistance levels in the coming sessions.

Explore: 10 Coins with High Returns: Crypto Forecast 2025

Ethereum Burn Rate Falling as Mainnet Demand Slows Down

Even so, despite ETH finding support, on-chain activity has been falling in recent days.

Looking at the amount of ETH sent to burners, it is clear that fewer transactions are being processed on-chain—a worrying trend since the activation of the Dencun upgrade in March 2024.

After Dencun, the cost of transacting using Ethereum layer-2s fell by 99%. Since on-chain activity directly influences the amount of ETH taken out of circulation, the fewer ETH burned, the more the coin becomes inflationary.

Data from UltraSoundMoney reveals that just 53 ETH were burned on March 22, the lowest since the activation of EIP-1559 in September 2021. Most burns are from ETH transfers, though a big portion of coins were burned from NFT activity in 2021.

(Source)

This trend also suggests a low demand for block space. This is despite Ethereum developers increasing the block space limit for the first time in more than three years earlier this month.

World Liberty Financial Launches Stablecoin: Will Revive Ethereum DeFi?

Unless meme coin activity on the base layer resumes, mainnet demand will likely remain low.

Whether ETH demand will be driven by meme coins, NFTs, or DeFi in the coming months remains to be seen. What’s clear is that Solana is now the choice platform for meme coin developers. Meanwhile, despite decreasing activity, Ethereum dominates DeFi.

World Liberty Financial is launching USD1, a stablecoin, on Ethereum and the BNB Chain. The decision to deploy on Ethereum and the BNB Chain may support prices.

This trend suggests that crypto and stablecoin laws in the United States might be drafted and enforced sooner rather than later. When addressing the Digital Asset Summit on Friday, President Trump urged Congress to approve stablecoin regulations.

Clear stablecoin laws is a priority, as David Sacks said earlier this year.

Explore: Top Solana Meme Coins to Buy in March 2025

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