Ethereum price is facing support at $2,000 as currency withdrawals surge to the highest level since November, indicating a potential shift in market supply and momentum.
summary
- Ethereum is trading at $2,001, down 4.3% in the past 24 hours.
- The number of withdrawals on the exchange reached 31.6 million $ETH This was the highest level for February since November.
- $2,000 of support is very important. The downside risk is $1,850 and the upside target is $2,300-2,400.
Ethereum ($ETH) is trading at $2,001 at the time of writing, down 4.3% in the past 24 hours. The seven-day range is $1,841-$2,099. $ETH It’s still up 7.7% over the past week, but down 14% over the past 30 days.
From its all-time high of $4,946 in August 2025, the price has returned approximately 59%. Spot trading volume in the past 24 hours reached $25 billion, down 21% from the previous day.
CoinGlass data shows a cooling in the derivatives market. Trading volume decreased by 7.8% to $59 billion, and open interest decreased by 5.6% to $25 billion.
as $ETH As we approach a key price point, many traders appear to be reducing their positions and lowering their risk.
Foreign exchange withdrawals are rapidly increasing
At the same time, on-chain activity tells a different story. February recorded around 31.6 million, according to a March 3 report by CryptoQuant contributor Arab Chain. $ETH This was the largest monthly outflow of foreign exchange withdrawals since November.
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A significant portion of that came from Binance, with around 14.45 million users. $ETH Moved from platform. Approximately 1.04 million $ETH Approximately 3.83 million people withdrew from Kraken $ETH Removed from OKX.
Large withdrawals from exchanges typically mean that assets are moved to cold storage or stored for long-term holding. Once the token leaves the trading platform, the readily available supply may reduce, easing short-term selling pressure.
These types of changes often suggest that investors are choosing to hold positions or adjust their strategies during periods of market volatility.
Ethereum price technical analysis
The $2,000 level has psychological and structural significance. Both bulls and bears are paying close attention to it as its price level coincides with an important technical area on the chart and has psychological weight for investors.
Ethereum daily chart. Credit: crypto.news
Buyers have bought the dip, but support is under pressure. A close of the day below $1,950 would expose the $1,850 to $1,900 area where previous liquidity resides. Below that, $1,700 becomes a deeper downside target.
$ETH It recently fell to the lower end of the Bollinger Bands. This level often suggests that the asset may be oversold in the short term. At the same time, the band is starting to narrow, a pattern we usually see before larger price movements in either direction.
If buyers can sustain the $2,000 level, it could recover towards the middle band in the $2,050 to $2,100 range. The relative strength index has recovered from near 30 and is attempting to recover. Once you get above 45-50, you know your momentum is improving.
Until then, the broader pattern of lower highs remains in place. $ETH remains below the 50-day moving average, and a move above $2,150-$2,200 would be required to change the short-term structure.
if $ETH It remains above $2,000 and has stronger momentum to break above $2,150, but upside targets are near $2,300 and $2,400. If the daily closing price of $2,000 fails, the path to $1,850 is immediately open. Maybe in the next few sessions, $ETH Stabilize or lower another leg to enter.
read more: Altered Altseason: Where Ethereum’s Capital Really Is
