Ethereum price hovers at key level as $111 million whale creates fresh stock
Ethereum price was above the $2,150 level. Bulls were showing resilience as a whale restocked $111 million worth of ETH. Another move above $2,000 could push prices towards the $2,500 resistance.
A mysterious Ethereum whale has re-emerged after a seven-month hibernation, and has now deployed more than $111 million USD to collect ETH.
The whale move came as the price of ETH hovered above $2,170 amid a broader slide for cryptocurrencies early Thursday.
As Bitcoin revisited the $70,000 support, Ethereum broke through the crucial $2,150 level, surging 39% in intraday volume to over $27 billion.
Ethereum Well Spends $111 Million to Regroup ETH
According to Looonchain, the whale that left Ethereum seven months ago is back as the price has climbed to $4,000.
The mystery owner spent $111.62 million to buy 50,706 ETH, making this hot purchase at an average price of $2,201 per token.
On-chain data shows that this purchase mirrored a sell-off just over a year ago, when this address dropped 28,683 ETH at $3,892 each.
That sale netted $111.62 million, and highlighted a classic “buy-low-sell-high” move for this fair value recap.
A secret whale returned after 7 months of inactivity and spent 111.62M $USDT to buy 50,706 $ETH at an average price of $2,201.
1 year ago this whale sold 28,683 $ETH at an average price of $3,892 for 111.62M $USDT.
What a perfect buy-low-sell-high move!… pic.twitter.com/3F56jkgr2y
— Lookonchain (@lookonchain) March 19, 2026
Waking up after seven months marks the whale's position.
The treasury firm led by Fundstrat's Tom Lee recently bought 60,999 ETH worth more than $140.3 million and currently holds 4,595,562 ETH worth more than $10.5 billion.
ETH's return above $2,000 coincides with the Ethereum Foundation's $7.88 million altcoin placement for DeFi asset manager Stackhouse, which has more than $1 billion in AUM.
EF currently holds over $400 million in ETH.
Can ETH hold gains above $2,150?
The price of Ethereum rose to $2,386 on Monday, driving the upside that pushed Bitcoin to $76,000.
However, the current price hovers near $2,170, a test of support with Bitcoin's new support test near $70,000.
As noted, top coins are retreating as risk-adjusted assets struggle with global economic headwinds. Inflation and escalating Middle East tensions are short-term headwinds.
Meanwhile, the technical chart shows ETH hovering near a key support level on the daily chart.
The $2,100 mark is currently acting as a critical support zone and is aligned with the rising trend line.
Prices are also tracking the 50-day exponential moving average, which is currently near $2,215 as resistance. This obstacle is what the bulls need to survive to continue up.
If support holds firmly above the mentioned level, the next target remains at 2,400-$2,500. On the daily chart, the 100 EMA sits at the $2,500 mark.
A breakout from current levels would allow bears to target $2,000 or below. Cycle lows provide a demand reload zone around $1,800.
