Ethereum Price Analysis: Petra Upgrade Sparks $500M Staking Withdrawals Ahead of Trump’s Meeting with Ripple, Cardano Founders
Highlights
- Ethereum price surged to $2,270 on Thursday, March 6, marking a 13% rebound from the local lows of $1,990 recorded on Tuesday.
- ETH 2.0 staking deposits grew by 400,000 ETH in the last three days, as investors take long positions ahead of Trump’s White House Crypto Summit.
- Technical indicators suggest ETH bulls could sustain the rally in the short term.
Ethereum (ETH) price rose 13% in the last 24 hours as US President Trump relaxed auto tariffs on Canada and Mexico. Rapid intra-day staking withdrawals on Ethereum 2.0 beacon chain suggests that the majority of investors are wary of impending volatility from the White House Crypto Summit slated for Friday March 7.
Ethereum (ETH) Rallies to $2,270 as Trump Adjusts Tariff Policy
Ethereum (ETH) price surged 16.5% in the past 24 hours following a policy update from U.S. President Donald Trump, who announced a relaxation of auto import tariffs on Canada and Mexico. This move alleviated some economic uncertainty, boosting risk sentiment across global markets, including cryptocurrencies.

On Tuesday, ETH price dropped below the psychologically critical $2,000 mark after Trump reaffirmed the 25% import tariff on Canada and Mexico. However, as the administration softened its stance and postponed the tariff on auto imports, investors turned bullish once again.
This policy shift is expected to mitigate inflationary pressures across key industrial and transportation sectors, creating a more favorable macroeconomic backdrop for risk assets.
Ethereum responded by leading the crypto market rebound, climbing 14% from its year-to-date low of $1,900 recorded earlier in the week. At press time on Thursday, ETH was trading above $2,270, underscoring renewed investor confidence in the asset.
$500 Million Staking Outflows After Petra Upgrade Could Stall ETH Rally Ahead of White House Crypto Summit
The recent Pectra network upgrade and leadership shuffle at Ethereum foundation have stirred debate among ETH investors in the past week. However, on-chain data suggests that investor sentiment towards remains measured rather than outright bullish.
At press time on Thursday, March 6, ETH 2.0 staking deposits had declined to 33.6 million ETH, reflecting a net withdrawal of over 25,000 ETH—equivalent to approximately $554 million at current market prices.

These $554 million withdrawals on the beacon chain occurs less than 24 hours before the White House Crypto Summit, where Trump is set to meet with Ripple and Cardano founders to discuss regulatory policies for the digital asset industry.
The large-scale unstaking activity ahead of a key policy event raises critical concerns about Ethereum’s short-term price trajectory. Firstly, the movement of such a substantial number of tokens back into circulation suggests that large investors are positioning themselves for short-term profit opportunities rather than committing to long-term staking rewards.
This could indicate expectations of increased volatility in response to the summit’s outcomes.
Secondly, the timing of these withdrawals implies that investors may be anticipating significant policy announcements that could impact Ethereum’s price action. While some market participants remain optimistic about potential regulatory clarity, others appear to be hedging their bets, preparing to capitalize on potential market fluctuations following the summit.
Ethereum Price Forecast: ETH Faces Resistance at $2,553, but Bulls Target Recovery
Ethereum price is attempting a recovery after rebounding from local lows, but resistance levels and bearish momentum indicators remain a concern. ETH currently trades around $2,210, down 1.41% on the day, as bulls struggle to sustain momentum following the recent dip below $2,000.
The Parabolic SAR indicator, shown by the descending blue dots, suggests that the broader trend remains bearish, with ETH failing to break above key resistance levels.

Immediate resistance stands at $2,553, a critical threshold that must be reclaimed for bullish continuation. Further resistance levels extend toward $2,800 and $3,200, reinforcing the challenges ahead for ETH’s upside potential.
On the downside, Ethereum remains vulnerable if bearish momentum intensifies. The Bull-Bear Power (BBP) indicator prints a deep negative reading of -216.33, signaling prevailing bearish strength. A failure to hold above $2,000 could expose ETH to further declines toward $1,800, where previous demand zones have provided support.
For a bullish scenario to materialize, Ethereum must close above $2,270 in the short term to flip sentiment positive. A breakout beyond $2,553 would invalidate bearish pressure and shift focus toward reclaiming $3,000. However, failure to break these levels could see ETH consolidating or retreating toward lower support zones before any meaningful rally unfolds.
Frequently Asked Questions (FAQs)
1. What caused Ethereum's price surge to $2,270?
2. 2. Will Ethereum break above the $2,553 resistance level?
3. 3. How does the White House Crypto Summit impact Ethereum?
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