- Ethereum price hovered just above $2,000 as whales moved $ETH off exchanges.
- Large holder activity sees Ethereum exchange balances fall by over 74,000 $ETH this week.
- Bulls could eye $2,188 and potentially $2,600 amid a technical breakout.
Ethereum’s price is holding near the $2,000 level, with bulls eyeing fresh moves above what many analysts see as a crucial psychological level.
The top altcoin traded within a tight range on Thursday, as Bitcoin showed resilience near $70,000.
However, $ETH could test recent highs above the level, with whales signaling fresh confidence through notable exchange withdrawals.
$ETH whales move coins off exchanges
Details shared by the smartmoney on-chain platform Lookonchain on March 12 indicate that Ethereum whale activity is picking up new momentum.
The Lookonchain X account spotlighted two of these large holder moves, with a newly created wallet address withdrawing 11,629 $ETH worth about $23.7 million from Binance.
This transfer is critical as fresh wallets signal new entrants positioning for long-term appreciation.
Notably, Lookonchain also spotted a 63,324 $ETH transfer by the whale address 0x8E34. According to the details, this bullish move, worth about $131.2 million, was from the crypto exchange Kraken.
Whales are buying $ETH!
Someone created a new wallet (0xfDe8) and has withdrawn 11,629 $ETH($23.71M) from #Binance in the past 2 days.
Earlier, we also reported that whale 0x8E34 withdrew 63,324 $ETH($131.2M) from #Kraken in the past 2 days.https://t.co/c0fmBE42N6… pic.twitter.com/ro8ikqlk4l
— Lookonchain (@lookonchain) March 12, 2026
What does this mean?
Whale activity had recently subsided as bears threatened to annihilate bulls amid the Iran war.
However, with analysts projecting a likely scenario where crypto rallies in the coming months, exchange outflows are on the rise again.
The two whales have, for instance, moved over 74,950 $ETH worth roughly $155 million from centralised exchanges.
Such large-scale shifts can reduce sell-side pressure as fewer coins are available on CEXs compared to historical averages. This relates to an indicator called the scarcity index, which, as the data shows, has shifted positively.
The upbeat outlook for the altcoin comes as Ethereum spot exchange-traded funds recorded a second consecutive day of net inflows with over $57 million on March 11, 2026.
Net inflows increased from $12.6 million on Tuesday, ending a three-day outflow streak.
US spot $ETH ETFs are also on track for another week of positive flows, with $ETH price holding near the $2,000 level through this period.
Ethereum price analysis
Bulls have struggled since losing the $3,000 mark earlier in the year, and at current levels, hover about 30% down year-to-date.
Macro and geopolitical headwinds have largely allowed bears to dominate. If BTC sinks amid the Iran war sentiment, Ethereum would likely plummet alongside it.
Yet, despite overall sentiment, prices have held within the $1,800-$2,100 range in recent weeks, and $2,000 has emerged as a key short-term pivot mark.
$ETH presents a bullish outlook amid its consolidation around this level, with on-chain metrics such as stablecoin inflows, ETFs, and declining exchange reserves pointing to a potential uptick.
Meanwhile, technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence strengthen this perspective.
The daily chart shows the RSI hovers near 50, neutral but trending upward. The MACD boasts a bullish outlook with the histogram bars green and expanding.
Ethereum price chart by TradingView
If prices climb to the channel resistance, bulls may test the 50-day moving average at $2,188. The 100-day moving average provides a dynamic supply wall just above $2,600.
However, the moving averages are trending lower. A close below $1,950 might allow for a bearish retest of $1,800 and potentially YTD lows of $1,740.
$ETH changed hands at around $2,057 at the time of writing.
