Large Ethereum holders made a series of high-value moves through March 2026, with selling, buybacks, and debt reduction all showing up as ETH traded around $2,000. On-chain data cited by Lookonchain points to mixed short-term conviction. Some whales took profits or trimmed exposure, while others rebuilt positions after earlier sales.
Whale wallets sold millions and, in some cases, bought back in
According to Lookonchain, Ethereum builder Thomas eth reshaped his position after prior trades. On March 3, he sold 12,131 ETH worth about $24.24 million at $1,998. In the past week, he then bought back 10,209 ETH valued at roughly $22.58 million, with an average entry price of $2,211. That pattern suggests active repositioning rather than a clean exit from the market.
Another large holder with more than 130,000 ETH also reduced exposure. This wallet sold 5,000 ETH worth around $10.31 million at $2,063. At the same time, the address repaid part of its debt and still held 126,000 ETH on Aave, alongside about $122 million in loans.
An early Ethereum participant identified as 0xa2F6 also cut a meaningful portion of holdings. The wallet sold 15,002 ETH valued at about $30.97 million. Lookonchain said this holder originally received 172,700 ETH roughly 10 years ago at $12.83 per token.
Exchange flows flipped sharply as price moved between $2,000 and $2,400
Exchange flow data added another layer to the picture. From March 11 to March 15, ETH climbed from roughly $2,000 to $2,150 even though flows were mixed. Periodic outflows during that stretch were seen as signs of accumulation.
That changed on March 16 and 17, when exchange inflows jumped to nearly $40 million. ETH pushed into the $2,350 to $2,400 range at the same time, then lost upward momentum. The combination of price strength and rising inflows suggested heavier supply was meeting the rally.
From March 18 onward, the market weakened again. ETH drifted down toward $2,050 to $2,100, while large outflows between negative $40 million and negative $55 million appeared. Outflows often point to accumulation or coins leaving exchanges, but in this case the price kept sliding.
ETH steadies near $2,050 with $2,000 support in focus
By March 23, ETH had stabilized near $2,050, and exchange flows had become smaller and mixed again. The market is now watching $2,000 as a key support level, while resistance is clustered between $2,200 and $2,300.
Volume has eased after the recent decline, pointing to slower activity. Taken together, whale repositioning, volatile exchange flows, and a narrowing price range show ETH in a consolidation phase, with no clear short-term direction yet visible in the data.