$1.8 Billion Buy Order Faces Whale Selling Onslaught, Ethereum at Critical Level in Life-or-Death Battle, Can It Rally Back to $2,350?

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 Between March 21 and 22, approximately 870,000 ETH were withdrawn from exchanges, totaling about $1.8 billion, indicating new buying interest at the current range.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.