TLDR
- ETH is trading above $1,960 with immediate resistance at $2,080–$2,120
- A breakout above $2,150 could trigger a short squeeze targeting $2,800
- Over $250 million in short positions were liquidated in the past 24 hours
- Ethereum exchange reserves have dropped to 16 million ETH, a multi-year low
- Holders are moving ETH to staking, cold storage, and DeFi rather than selling
Ethereum (ETH) is trading above $1,960 after forming a base near the $1,920 level earlier this session.
The price rallied above $2,000 and hit a high of $2,089 before pulling back slightly. ETH is now consolidating above the 100-hourly Simple Moving Average.
Trading volume has jumped 15% in the past 24 hours to $26 billion, roughly 11% of ETH’s circulating market cap.
That kind of volume points to strong buying interest in the current range.
Short Sellers Under Pressure
Short liquidations have topped $50 million over the past three days, as bulls defend the $2,000 level.
During a single 24-hour window, around $250 million in short positions were wiped out across crypto markets.
The key level traders are watching is $2,150. A clean break above that zone would push ETH into a strong supply area it has been stuck below for roughly a month.
If buyers clear that resistance, on-chain analysts suggest a short squeeze could send ETH toward $2,800 — a 40% move from current levels.
The RSI has moved above its 14-day moving average, offering an early buy signal on the daily chart.
On the downside, if ETH falls below $1,960, the next support levels sit at $1,930 and $1,880. The main floor is seen around $1,840.
Exchange Reserves Hit Multi-Year Low
Separate on-chain data shows Ethereum exchange reserves have fallen to approximately 16 million ETH.
ETH on exchanges just hit a multi-year low! 📉
16 million ETH remaining. Down from 23 million in 2023.
While price dumped, holders kept withdrawing.
Exchange reserves track how much ETH sits on exchanges, ready to sell (see chart).
Less reserves = less immediate sell… pic.twitter.com/nI5rN5N3nK
— Leon Waidmann (@LeonWaidmann) March 2, 2026
That is down from over 23 million ETH on exchanges in early 2023 — a drop of roughly 7 million ETH over roughly three years.
This decline is happening during a period of price weakness, which is unusual. Normally, falling prices push holders to move coins onto exchanges ahead of selling.
$ETH is going to $10,000 & NOTHING can stop it.
Do you understand? pic.twitter.com/AvGsNdRRfR
— Gordon 🐂 (@GordonGekko) March 2, 2026
Instead, the data shows ETH is moving into staking contracts, cold storage, and DeFi protocols.
A lower exchange balance means less ETH is available for immediate sale on open markets.
On the hourly chart, two buy signals have appeared after ETH bounced off the $1,900 level.
The first signal has already returned a 2.35x risk-reward ratio. The second is still developing with a 0.6x return so far.
Both signals point to $2,150 as the near-term target.
ETH is currently trading above $1,960 with exchange reserves sitting at their lowest level in several years.
