BTC, ETH at Crossroads After Reversal of Key Levels, ADA Whales on the Move: Bits March 6

Here are all the most interesting things around BTC, ETH and ADA.

The last few days have been very positive for Bitcoin (BTC) and Ethereum (ETH), with their prices hitting one-month highs.

ADA Cardano also moved north, but the bears stopped the move and the asset is now in the red territory on the weekly scale. The correction is consistent with the whale’s recent behavior and suggests that they may be reducing their exposure to the mark.

BTC activity

About a week ago, US and Israeli forces attacked Iran, thus starting a new major military conflict that shocked the world and sent shockwaves through the financial and crypto markets. BTC reacted with an immediate drop below $64,000, but a few hours later, it rose above $67,000 after reports of the assassination of the Asian country’s supreme leader, Ali Khamenei.

The primary cryptocurrency continued its upward trend, hitting a monthly high near $74,000 on March 4. Some of the possible catalysts behind the rally could be early signs that Iran is willing to negotiate terms for an end to the war, as well as increased interest from major investors.

Data from SoSoValue shows that inflows into Spot BTC ETFs have been significant over the past few days. The trend shows that large investors, such as hedge funds and pension funds, are increasing their exposure to assets through these funds, whose issuers must purchase real Bitcoin to support these purchases.

Some analysts, such as Ali Martinez, believe that BTC can make significant gains in the short term. Earlier this week, he highlighted the importance of retrieving the $70,685 resistance level, adding that the $72,000-$81,000 zone has very little supply, describing it as “open air in this range.”

“The next major support clusters appear around $83,307 and $84,569, which could act as significant resistance areas,” he said.

Others were not so concerned. X user Ted recalled that shortly after the Russian invasion of Ukraine in 2022, BTC showed a similar bullish move before a sharp correction, indicating that history could repeat itself.

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What is ETH?

The second largest cryptocurrency followed BTC, making a painful decline from $1,900, but then rebounding to nearly $2,200. It is currently trading around $2,060, representing a seven-day gain of 4%.

Earlier this week, Ali Martinez speculated that a sustained close from $2,147 could set the stage for a further rally to $2,335 or even $2,542. On-chain indicators such as the decline in ETH held on exchanges support the bullish argument.

Recently, the token balance dropped to 15.93 million tokens, the lowest point since the summer of 2016. This means that investors will continue to abandon centralized trading venues and move their assets to self-funding, thereby reducing immediate selling pressure.

On the other hand, analysts like X user Emirhan suggested that a break below the key $2,109 level could open the door to a move down to $1,900. The price has actually slipped below this mark and we don’t yet know if it will be followed by further declines.

ADA kits

The original Cardano token tried to recover $0.30, but failed, and now it is worth around $0.26 (according to CoinGecko), which represents a 7% drop over the last week.

According to Martinez, large investors “redistributed” 230 million tokens in seven days. His chart shows a decline in the total volume of their shares, which can be interpreted as a major sell-off, which can affect the price for several reasons.

This development increases the amount of ADA circulating in the open market, and without a corresponding increase in demand, additional supply may hold down the price. In addition, the whale distribution indicates a decrease in confidence, which can upset the smaller players and make them want to cash out.

It is important to note that large investors have had a very different strategy in recent months, accumulating around 820 million ADA between August 2025 and February of this year.