Ethereum Whales are Buying Big – How Will ETH Price React?

Ethereum is trading around $2,148, characterized by a divergence between strong accumulation by large holders (whales) and weakening network momentum. Data from March 18 to March 21 shows wallets holding 1 million to 10 million ETH increased their holdings by 110,000 ETH, demonstrating conviction, especially as this accumulation occurred during a price drop. Conversely, on-chain metrics like daily new ETH addresses have declined significantly since mid-January, signaling cooling demand from new participants.

Technically, the ETH price is testing dynamic support near the 200-day EMA at $2,121 after rejecting $2,389. Key Fibonacci levels are $2,244 (resistance) and $2,027 (support). The critical level defining the next major move is the last swing low at $1,928; a close below this exposes $1,838, while reclaiming $2,244 could lead to targets of $2,389 and $2,550.

The upcoming week faces potential volatility due to a large quarterly options expiry on March 27 and the Federal Reserve's stance on rates and inflation outlook. While whale accumulation provides a demand floor, the overall vulnerability remains due to the cooling network growth.

(Source：BeInCrypto)