From 09:30 to 09:45 UTC on March 12, 2026, ETH price ranged from $2,039.29 to $2,062.42 USDT, achieving a +1.00% return within 15 minutes, with an amplitude of 1.13%. Market volatility intensified, overall attention significantly increased, on-chain activity rose in tandem, indicating rapid capital flow and typical signs of major players driving the market.
The main driver of this movement was the obvious inflow of on-chain funds combined with the direct impact of Ethereum 2.0 upgrade news. During this window, on-chain ETH transactions increased from 12,500 to 18,700, transfer amounts surged from 45,000 ETH to 67,000 ETH, and active addresses exceeded 12,300. Meanwhile, whale addresses frequently transferred large amounts to major exchanges and DEXes, including a single transfer of 15,000 ETH at 09:32 and 12,500 ETH at 09:40, fueling the short-term price rise. Additionally, at 08:50, the official announcement that Ethereum 2.0 upgrade entered the final stage boosted positive sentiment and drove large-scale capital inflows.
Furthermore, order book buy depth increased from 32,000 ETH to 48,000 ETH, while sell depth decreased to 21,000 ETH, indicating a clear bullish market sentiment. Stablecoin inflows surged to $22,500,000 within 15 minutes, and derivatives liquidation amounts reached $4,500,000, driven by leveraged funds causing spot market movements. On the macro level, the US dollar index fell from 102.5 to 101.8, with increased risk appetite further attracting incremental ETH funds. Additionally, social media discussion volume and opinions from key opinion leaders and institutions collectively turned bullish, with price and volume resonating to push the bulls forward.
In the short term, market volatility risks remain. Investors should closely monitor on-chain transfer activity, key technical resistance levels, and changes in the global macro environment. If the price drops back to around $2,030 or on-chain fund outflows intensify, short-term correction pressures will emerge. Please continue to follow subsequent movements and market developments to grasp the market rhythm.
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