Ethereum price fell below 3 million Korean won on Upbit, signaling a major market shift. On March 8, 2025, ETH traded at approximately 2,979,000 won, marking a sharp 5.99% decline from the previous day’s close. This move represents a nine-month low for Ethereum on Upbit, returning to levels not seen since May 8 of the previous year. Upbit operates as one of the region’s most liquid and regulated exchanges, and its price action frequently serves as a bellwether for retail and institutional sentiment across Asia.
Analysts attribute the decline to a mix of global macro pressures and local market dynamics, including regulatory developments and trader behavior around the Kimchi Premium. The current move may reflect a narrowing premium and a sell-off or capital outflow from the domestic market. Technical factors also suggest significance beyond a simple price drop. A high-volume break below a long-held support level could trigger automated selling and impact related platforms.
Looking ahead, traders will watch whether ETH can reclaim the 3.0 million won level. Resistance is seen at 3.1–3.2 million won and support near 2.95 million won. Historically, the May 2024 low provides a reference point for recovery patterns, and current conditions differ in macro drivers and network activity post-Dencun upgrade. Market participants will also monitor Upbit’s dominance in the KRW trading pair and any regulatory announcements from Korean authorities that could influence capital flows into digital assets.
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