Ethereum price forecast: Bulls hold $2K support amid CEX exits

Ethereum price surged above $2,000 as whales moved ETH off exchanges. Big holder movement This week, Ethereum exchange balances fell above 74,000 ETH. Bulls may look at $2,188 and $2,600 between technical breakdowns.

Ethereum price is at the $2,000 level, seeing fresh moves above what many analysts see as a critical psychological level.

The top altcoin traded in a tight range on Thursday, as bitcoin showed resistance around $70,000.

However, ETH may test recent highs above the level, as whales show renewed confidence in known exchange breakouts.

ETH whales move coins from exchanges

Details shared by smart money on-chain platform Lookonchain on March 12 indicate that the Ethereum Well activity is showing a new momentum.

The Loonchain X account lit up two of these large holdings, with a newly created wallet address withdrawing 11,629 ETH worth $23.7 million from Binance.

This transfer is crucial when hot wallets show new arrivals for a long period of time.

Specifically, Lookonchain observed a transfer of 63,324 ETH at whale address 0x8E34. According to the details, this bully activity, worth around $131.2 million, was from crypto exchange Kraken.

Whales are buying $ETH!

Someone created a new wallet (0xfDe8) and withdrew 11,629 $ETH ($23.71M) from #Binance in the last 2 days.

Earlier, we also reported that Well 0x8E34 has withdrawn 63,324 $ETH ($131.2M) from #Kraken in the last 2 days. pic.twitter.com/ro8ikqlk4l

— Lookonchain (@lookonchain) March 12, 2026

What does this mean?

During the Iran War, whaling activity has recently subsided due to threats from bears to destroy the bulls.

However, with predictable analysts predicting where crypto rallies in the coming months, the flow of exchanges is increasing again.

The two whales, for example, moved more than 74,950 ETH worth of $155 million from the central exchange.

Such large-scale changes could reduce sell-side pressure as fewer coins are available on CX compared to historical averages. This corresponds to an indicator called the scarcity index, which, according to the data, has changed positively.

A positive outlook for the altcoin comes as Ethereum spot exchange-traded funds on March 11, 2026, recorded a second consecutive day of inflows of more than $57 million.

Net income rose from $12.6 million on Tuesday, ending a three-day streak of outflows.

US spot ETH ETFs are also on track for another week of positive inflows, during which the ETH price hovers around the $2,000 level.

Ethereum price analysis

Bulls have struggled since missing the $3,000 mark earlier in the year, and at current levels, it's down about 30% year-to-date.

Macro and geopolitical headwinds have largely allowed the bears to dominate. If BTC sinks in Iran war sentiment, Ethereum may fall alongside it.

However, despite the general sentiment, prices have held in the $1,800-$2,100 range in recent weeks, and $2,000 has become a key short-term pivot.

ETH presents a bullish outlook as it consolidates around this level, with on-chain metrics such as stable coin revenues, EFAs, and currency reserves pointing to higher growth.

Meanwhile, technical indicators such as the relative strength index (RSI) and moving average support divergence reinforce this view.

The daily chart shows the RSI hovering around 50, neutral but trending higher. MACD boasts a bullish outlook with green and expanding histogram bars.

If prices rise to channel resistance, bulls may test the 50-day moving average at $2,188. The 100-day moving average offers a wall of dynamic supply above $2,600.

However, the moving averages are trending lower. A close below $1,950 could allow for a retest of $1,800 and the YTD low of $1,740.

ETH has changed hands at around $2,057 at the time of writing.