Ethereum’s price has dropped around 9% from its peak in March. According to analyst Wise Crypto’s data, some large Ethereum holders are selling, while others are buying.
The trader believes the next few days will show if there’s enough buyer interest to offset selling, especially around the $2,027 and $2,148 price points.
Whale Selling vs. Steady Accumulation Flows
On March 24th, Wise Crypto posted on X that Ethereum (ETH) fell from its peak in March to about $2,100. This decrease happened because large ETH holders sold some of their holdings during the recent price increase.
Investors pulled around $1.8 billion worth of ETH from exchanges, which analysts believe suggests they plan to hold onto it for the long term, not sell right away. This caused a temporary pause in trading, with the $2,027 price level acting as a key support level and $2,148 becoming a nearby resistance level.
Wise Crypto reports that if Ethereum (ETH) rises past its current resistance level, it could start climbing again. However, if it falls below its support level, it might drop further, potentially reaching $1,928.
“The market is a tipping point,” they noted. “Whale selling vs. fresh demand.”
According to analyst Ali Martinez, Ethereum is currently undervalued based on its historical data. He noted that the MVRV ratio fell below 0.8, suggesting a potentially good buying opportunity.
He believes the price between $2,000 and $1,800 is a good buying opportunity. He also noted that if the price breaks through $2,356, it could potentially rise to $2,647 and eventually $3,639.
Recent data from Arab Chain shows that demand for Ethereum varies depending on the location. Currently, Ethereum’s Coinbase Premium Index is around -0.0149, suggesting slightly more selling pressure than buying.
If the number is low, it means Ethereum is selling for a higher price on Binance compared to Coinbase. This suggests that traders outside the U.S. are more interested in buying Ethereum than those in the U.S., and that recent price increases haven’t strongly motivated American investors.
Here’s What’s Shaping ETH’s Outlook
Ethereum’s price has shown a mixed pattern recently. Over the past 24 hours, it increased by 5% and rose above $2,100, after briefly dropping to around $2,000. Looking at the bigger picture, it’s up almost 10% over the last month. However, the past week saw a decrease of over 6% in its value.
Despite recent price swings, data suggests that the supply of Ether (ETH) may decrease in the future. XWIN Research points out that ETH held on exchanges has dropped to a low not seen since 2016 – only 16.2 million coins are currently available there. Additionally, about 37 million ETH are currently locked up in staking, further reducing the amount in circulation.
This decreases the amount of ETH available for immediate sale. Additionally, network activity has been increasing, and XWIN believes this growth indicates genuine demand rather than just speculation.
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2026-03-24 15:22