Ethereum has reclaimed the $2,000 psychological level and continues to hold above it, while Bitcoin remains firm, helping stabilize the broader crypto market sentiment. The move back above $2,000 is drawing renewed attention from traders and investors. The broader market tone has started to warm up as major assets consolidate near key levels. On March 10, wallet 0x8A21 bought back 1,004 ETH worth about $2.08 million after previously selling 499 ETH near $4,434 around six months earlier.
The re-entry at around $2,070 places the whale near the $2,000 support zone, suggesting large holders view this level as an attractive value area. Six months earlier, the same wallet’s earlier action timed the cycle high, and the current move signals renewed confidence in the current level. On-chain data from CryptoQuant show Ethereum continuing to accumulate, with the Balance on Accumulation Addresses metric trending higher into 2026 even as price action remains relatively muted. The trend indicates long-term holders are adding to positions during periods of weakness rather than exiting the market.
As accumulation grows, the liquid supply on exchanges may tighten, a pattern often observed in the early stages of broader accumulation phases. From a technical perspective, Ethereum appears to be completing the final taps of a bullish pennant on higher timeframes. Despite a more than 58% drop from its all-time high, ETH remains above $2,000, keeping the setup intact. If the pattern plays out, the next leg could target around $3,400 near the descending trendline.
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