Ethereum has climbed back above the $2,300 mark for the first time since early February, trading around $2,330 as of March 18, 2026. This surge is particularly noteworthy, as it coincides with a significant drop in exchange inflows, which have plummeted to their lowest level in ten months. On-chain data from CryptoQuant indicates a marked decrease in Ethereum deposits to exchanges like Binance, often a signal of reduced selling pressure.
Recent data corroborates this trend, highlighting that a remarkable 336,000 ETH have been withdrawn from exchanges in just the past week. Investors are evidently moving their coins into cold storage or private wallets, which restricts available supply and can amplify price reactions to shifts in demand.
This bullish momentum has also pushed ETH above its realized price—approximately $2,306—marking a critical level typically watched by traders as both a potential support and resistance zone.
Whale Accumulation Drives Recent Gains
Interestingly, the accumulation narrative is underscored by large wallets—those holding between 10,000 and 100,000 ETH—who collectively amassed over 540,000 ETH in just the last week. This strategic buying from prominent holders appears to be a key factor underpinning ETH’s recent price movement. Meanwhile, retail holders have offloaded approximately 370,000 ETH during the same timeframe, although this selling trend seems to be decelerating.
Further evidence of accumulation rather than distribution is provided by the netflow data from exchanges, which has favored outflows in recent weeks. Likewise, US spot Ethereum ETFs saw an influx of $248 million over five consecutive days, marking the first sustained net buying since mid-January.
Technical Levels to Watch
As it currently stands, Ethereum is trading above its 20-day and 50-day exponential moving averages, which are positioned around $2,100 and $2,220 respectively. The Relative Strength Index (RSI) is hovering in the mid-60s, suggesting a healthy buying environment.
A critical resistance zone is identified between the $2,380 and $2,400 range, with a close above $2,388 potentially paving the way for further advances toward levels between $2,500 and $2,746. On the flip side, support levels are positioned at $2,320, $2,260, and $2,150. A drop below $2,260 could reactivate a CME futures gap at $2,117, warranting attention from traders.
Data analyst CW has recently flagged discussions surrounding these gaps, indicating that while ETH filled an earlier CME gap, a new one has manifested at $2,117. Such gaps often attract prices back to them in the shorter term, adding an extra layer of volatility.
The past 24 hours have also witnessed approximately $100.5 million in futures liquidations, with $68.2 million attributed to short positions—an indication of the market’s dynamic conditions.
Ultimately, Ethereum remains above the structural support zone between $1,900 and $2,100, a level that has historically provided robust defense against downward pressure. As the market evolves, all eyes will be on both the market fundamentals and whale activities that continue to shape ETH’s trajectory.
