Ethereum is trading around $2,066 after a 6% drop between Wednesday and Thursday this week, retesting the $2,050 level. The price has now fallen 31% since January 1, 2026.
The sell-off reflects a broader risk-off mood in markets, partly tied to uncertainty around the US-Israel-Iran conflict. ETH has underperformed the total crypto market cap over this period.
Regulatory pressure is adding to the headwinds. The US Senate is exploring a ban on yield for stablecoins held on exchanges. Coinbase is pushing back, but banking groups argue the GENIUS Act already blocks stablecoin issuers from paying yields to holders directly.
The Financial Action Task Force also recently called on nations to tighten oversight of stablecoins, citing concerns over peer-to-peer transactions and self-custody wallets making suspicious activity harder to track.
US-listed spot Ether ETFs saw $298 million in net outflows since March 18, covering six consecutive trading days of redemptions. The native staking yield of 2.8% has not been enough to shift investor risk sentiment.
ETH futures are trading at a 2% annualized premium over spot. Under neutral conditions, this figure should sit between 4% and 8%. The current reading suggests bulls are not stepping in with conviction.
Weekly DEX volumes on Ethereum currently average $9.4 billion. That is around 50% below where they were in the final three months of 2025. Weak onchain activity continues to weigh on demand for ETH as a utility token.
On the price chart, ETH is trading below its 20, 50, 100, and 200-day EMAs. The RSI is below neutral, and the MACD shows weakening momentum. Key support sits between $2,000 and $2,050. A break below that range could push ETH toward $1,800 or even $1,750.
Despite the price weakness, Ethereum’s network is seeing record participation. Weekly active addresses hit 3.64 million, the highest ever recorded, up 97% year-over-year and 13% in the past four weeks alone.
Ethereum Mainnet active addresses are holding at ALL-TIME HIGH levels!
3.64M weekly active addresses.
1 year ago: +97% growth to get here
Data via @growthepie_eth pic.twitter.com/7qcVV8vo2u
— Leon Waidmann (@LeonWaidmann) March 26, 2026
Other networks trail well behind: Polygon PoS at 2.84 million, Base at 1.99 million, and Arbitrum at 785,000.
Ethereum held on exchanges has dropped to its lowest level since 2016. On March 22 alone, $1.67 billion worth of ETH was withdrawn from exchanges in a single day, pointing to long-term holding behavior rather than sell pressure.
Whale activity on the Ethereum $ETH network recently saw a sharp spike. Transactions jumped from 123 on March 21 to 2,055 on March 24, marking an increase of over 1,500%.
Since then, activity has cooled off significantly, with whale transactions dropping back to around 239 as of… pic.twitter.com/bS0nl4TFOl
— Ali Charts (@alicharts) March 26, 2026
Corporate accumulation is continuing. Companies including BitMine, SharpLink, and The Ether Machine have been buying ETH. Whale transactions spiked from 123 on March 21 to 2,055 on March 24, though activity has since cooled to around 239 transactions as of the latest data.
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