US$765 Juta $ETH ‌ Moving Hands as Whales Hold Ethereum Price Above US$2,000

Ethereum
ETHUSD
is currently trading at US$2,068, directly pressing against the Fibonacci 0.236 level at US$2,055. The token is being pulled in two directions simultaneously — long-term holders are taking profits from their high average purchase prices, while whale addresses are absorbing the supply to prevent a structural breakdown.

The US$2,000 level acts as the boundary between these two forces. Which group wins will determine the next significant movement.

Long-Term ETH Holders Are Selling

The Glassnode HODL Waves chart monitoring holder groups with holding periods of 3 to 5 years spans from December 26, 2025, to March 26, 2026. This group remains stable at around 14.2% to 14.4% of the total ETH supply from late December to January 20 before gradually declining.

This decline becomes more pronounced on the right side of the chart. Between March 21 and March 26, the 3 to 5-year group decreased from about 13.6% to 12.8% of the total supply — nearly a 0.8% drop in less than a week. This is the second-largest distribution of this group in the 2026 data, only surpassed by the decline recorded at the end of January.

These holders acquired ETH between 2021 and 2023, covering the peak of the 2021 bull market near US$5,000 and the lowest point of the 2022 bear market. Many who bought at the peak are still in a loss position.

Those who accumulated during the bear market are now realizing significant gains at current prices and are choosing to take profits. Their decision to exit is not out of panic but to lock in gains that may not be easily available again in the near future.

Whales Absorb While Smaller Holders Sell

The Santiment address supply distribution chart monitoring three groups — addresses holding 10,000 to 100,000 ETH (blue), 100,000 to 1,000,000 ETH (red), and 1,000,000 to 10,000,000 ETH (yellow) — clearly shows ownership changes since March 25.

The blue group has sold about 370,000 ETH from March 25 until the time of publication. This sale did not significantly impact the price.

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Conversely, the red and yellow groups have absorbed this supply, with these two large whale groups increasing their holdings as the blue group exits. With Ethereum’s current price, this transfer of 370,000 ETH is worth around US$765 million, moving from medium-sized holders to the largest whales on the network.

This pattern — large addresses absorbing supply from smaller addresses — is likely to keep ETH’s price above US$2,000. As long as these purchases continue to absorb existing selling pressure, they serve as a structural support preventing the price from falling further.

Future ETH Price Movement

The daily chart shows Ethereum at US$2,068, pressing against the Fibonacci 0.236 level at US$2,055, with the 50-day EMA in red trending downward at US$2,186 as the nearest resistance. The Fibonacci retracement grid spans from zero at US$1,750 to 1.0 at US$3,045.

The 0.236 level at US$2,055 has been a battleground since early March. Each test session has either closed above this level or recovered successfully. Ethereum’s price is now testing this area again, and the outcome of this test will determine the next direction. If it falls below US$2,055, the next support is the horizontal level at US$1,928, which is the last defense before the price drops to the floor at US$1,838.

To invalidate the bearish scenario, the price must regain control of the 0.382 level at US$2,244. After that, the next targets are the 0.5 level at US$2,397, followed by the 0.618 at US$2,550.

A sustained rise toward US$2,550 requires accelerated accumulation by whales, as selling pressure from 3- to 5-year holders begins to ease. This scenario becomes more plausible if the market as a whole can hold above US$2,000.