Ethereum (ETH) has pulled back from its March high by about 9%, with on-chain data shared by analyst Wise Crypto showing a split between whale selling and fresh accumulation.
According to the trader, the next few days will test whether buyer demand can absorb selling pressure as key levels at $2,027 and $2,148 come into focus.
Whale Selling vs. Steady Accumulation Flows
In a post on X on March 24, Wise Crypto explained that ETH had dropped from its March high to around the $2,100 level after large holders distributed into the rally.
At the same time, investors withdrew ETH from exchanges worth about $1.8 billion, a move the analyst linked to longer-term holding rather than immediate selling. The situation created a short-term standoff that put the $2,027 level under scrutiny as a critical support zone while $2,148 became near-term resistance.
According to Wise Crypto, if ETH breaks above the resistance, it could reopen upward momentum, but if it drops below support, it may be exposed to more downside toward $1,928.
“The market is a tipping point,” they noted. “Whale selling vs. fresh demand.”
Yesterday, another analyst, Ali Martinez, said that Ethereum had entered a historically undervalued zone after its MVRV ratio dropped below 0.8.
He identified the $2,000 to $1,800 range as a strong base for buyers, while pointing to a key resistance level at $2,356, which he claimed could open a path to $2,647 and $3,639.
Meanwhile, data shared by Arab Chain points to uneven demand across regions, with Ethereum’s Coinbase Premium Index at about -0.0149.
A low reading indicates that Ethereum is being sold on Binance higher than on Coinbase. This would mean that U.S. investors are less interested in buying ETH than international traders, suggesting that the recent price rebounds have not really attracted strong participation from the Americans.
Here’s What’s Shaping ETH’s Outlook
This mixed backdrop can even be seen in ETH’s latest price data, with the asset gaining 5% in the last 24 hours to go back above the $2,100 level after briefly flirting with $2,000. It is also up by nearly 10% over 30 days, although performance across the last week has been weaker, with Ethereum shedding more than 6% of its value in that period.
Beyond the short-term volatility, there’s longer-term data showing the possibility of tightening supply conditions. For example, XWIN Research has noted that ETH reserves on exchanges have fallen to about 16.2 million coins, their lowest level since 2016, while around 37 million others are locked in staking.
What this does is reduce the amount of ETH that’s readily available for sale. Furthermore, there has been rising network activity, with XWIN suggesting that the increase reflected real demand and not just speculative trading.
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