Ethereum Whales are Buying Big – How Will ETH Price React?

Ethereum (ETH) is trading near $2,148 on March 21, as sustained large-holder accumulation meets weakening network growth and a key support test.

Whale buying and slowing on-chain momentum have compressed ETH into a tight range. The $1,928 level now defines the next major move.

Ethereum Whale Flash Conviction

Santiment data from March 18 to March 21 shows wallets holding between 1 million and 10 million ETH rising from about 6.38 million to 6.49 million coins. This marks a 110,000 ETH increase, which is currently valued at $235 million, exhibiting confidence.

The divergence is clearest between mid-March and March 19. As the Ethereum price dropped from $2,317 to below $2,150, whale holdings increased. Accumulation during a sell-off points to strong conviction.

For the bullish case to hold, these balances must continue rising. A sustained decline would weaken the primary demand driver.

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Glassnode data shows declining new address activity. Daily new ETH addresses peaked near 450,000 around January 15, 2026, and have dropped to about 250,000 by March 20.

The 30-day simple moving average has fallen from roughly 355,000 on February 8 to about 255,000. The 365-day simple moving average trends higher near 175,000, indicating short-term momentum has cooled toward its long-term baseline.

Slowing new address growth signals weaker demand from new participants. While whales are absorbing supply, broader market participation is not expanding.

ETH Price May See Some Rise

The daily chart shows Ethereum price near $2,154 after rejecting $2,389 on March 17. The rally measured 415 points, or 21.44 percent, from around $1,940. Price has since retraced 197 points, or 8.41 percent.

Fibonacci retracement levels define the structure. The 0.618 level at $2,244 capped the rally. The 0.786 level at $2,027 held as support. The 200-day exponential moving average is rising near $2,121 and acting as dynamic support.

The key level is $1,928, the last swing low before the rally. A daily close below it would signal a failed recovery and expose $1,838. If ETH reclaims $2,244, the next targets are $2,389 and $2,550.

The March 27 quarterly options expiry, with over $14 billion in Bitcoin open interest, could increase volatility.

Combined with the Federal Reserve holding rates steady while raising its 2026 inflation outlook, the coming week will test support near $2,121. Whale accumulation provides support, but weakening network growth leaves ETH vulnerable to downside pressure.