Gate News reports that on March 24, Ethereum’s price retreated from its March high and entered a consolidation phase. It is currently at $2,135, down about 9% from the recent peak. On-chain data shows a divergence between bullish and bearish forces, and the short-term trend faces a critical decision.
Santiment data indicates that large whales holding between 100,000 and 1 million ETH have been reducing their holdings as the price rose to around $2,370, with a turning point around March 21. As large-scale selling occurred, Ethereum’s price dropped from about $2,332 to $2,053 within two days, confirming that this correction was mainly driven by profit-taking at high levels.
However, exchange fund flows show an opposite signal. Between March 21 and 22, approximately 870,000 ETH were withdrawn from exchanges, totaling about $1.8 billion, indicating new buying interest at the current range. Moving funds to self-custody usually suggests increased medium- to long-term holding intentions rather than short-term selling.
Regarding key technical levels, Ethereum is currently trading above the $2,027 Fibonacci support, which marks the short-term bullish-bearish boundary. If the price reclaims $2,148, it could reverse the downtrend and target the $2,350 zone. Glassnode data also shows on March 23, on-chain realized profits reached about $380 million, indicating some market absorption capacity.
Conversely, if buying momentum weakens and the price falls below the $2,027 support, the next target would be around $1,928. Losing this level could break the short-term bullish structure.
The current market hinges on capital dynamics: large whales reducing holdings versus exchange withdrawals, with the price direction depending on which side dominates.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ETH Liquidation Data: $1.254B in Short Liquidations at $2,424, $641M in Long Liquidations at $2,212
Gate News message, April 27 — According to Coinglass data, if Ethereum (ETH) breaks above $2,424, cumulative short liquidations on major centralized exchanges would reach $1.254 billion.
Conversely, if ETH falls below $2,212, cumulative long liquidations on major CEXs would reach $641
GateNews20m ago
Galaxy Digital OTC Address Deposits 15,000 ETH to Exchange, Worth ~$34.74M
Gate News message, April 27 — Galaxy Digital's OTC-linked address deposited 15,000 ETH, valued at approximately $34.74 million, to an exchange today, according to on-chain analyst Ai 姨.
Tracing the funds backward, the ETH batch originated from a 38,000 ETH withdrawal from Aave one week ago.
GateNews37m ago
MicroStrategy Adds 3,273 Bitcoin for $255M, Total Holdings Reach 818,334 BTC
Gate News message, April 27 — MicroStrategy acquired an additional 3,273 BTC for approximately $255 million at an average price of $77,906 per bitcoin between April 20 and April 26, according to an 8-K filing with the Securities and Exchange Commission on Monday. The company now holds a total of 818
GateNews1h ago
Machi Big Brother Holds $86M in BTC and ETH, Down $73.44M Over Past 6 Months
Gate News message, April 27 — According to Arkham monitoring, Machi Big Brother (Huang Lixing) is currently holding $44.2 million in BTC and $41.8 million in ETH long positions on-chain, totaling $86 million.
Over the past six months, the investor has incurred trading losses of $73.44 million in
GateNews6h ago
User FilmStar Purchases 2 BAYC NFTs for 35 ETH Worth $81,500
Gate News message, April 27 — User FilmStar purchased two Bored Ape Yacht Club (BAYC) NFTs for a combined 35 ETH, valued at approximately $81,500, according to OpenSea data. BAYC5617 sold for 10 ETH, while BAYC4593 fetched 25 ETH in the transaction two hours ago.
The address currently holds 1.3
GateNews8h ago
Bitcoin Approaches $80K After Three-Month Rally, But Faces Profit-Taking Pressure
Gate News message, April 27 — Bitcoin surged to near three-month highs amid easing Middle East geopolitical tensions, trading at $77,629 as of 3:40 p.m. The asset touched an intraday peak of $79,488 but faced selling pressure as it approached the key $80,000 resistance level.
The recent rally was d
GateNews8h ago
