Ethereum Falls to $2,110 and RSI Signals Oversold Territory: Whales Are Still Accumulating at These Levels

Ethereum traded at $2,110 on Binance as of the afternoon of March 19, down 1.14% on the session and 6.4% over 24 hours, as the 1-hour chart shows price deep below its 50 SMA while on-chain data from CryptoQuant reveals whale accumulation addresses are approaching their realized price from below.

What the 1-Hour Chart Shows

The breakdown started around midday on March 18. A sequence of large red candles pushed price from $2,320 down through $2,260, then $2,200, then $2,180 by mid-afternoon. The tallest pink volume bars on the chart fall in that midday to early afternoon window. Price found a temporary floor near $2,160 to $2,180 through the evening of March 18 and attempted a recovery overnight toward $2,210 to $2,220.

That recovery failed. Price resumed lower through the morning of March 19, grinding from $2,200 toward $2,160, then breaking sharply in the early afternoon of March 19 with the largest red candle visible on the right side of the chart. The session low touched $2,102 before a partial recovery to $2,113 at the time of capture. Current volume reads 35.6K ETH on the hour, with the most recent bar showing the highest volume spike on the right side of the chart. The 50 SMA sits at $2,249, sloping downward 6.4% above current price.

The RSI Is Back in Oversold Territory

The faster purple RSI line reads 27.94, below the 30 oversold threshold. The slower yellow line reads 35.06, still above 30 but declining toward it. The purple line dropped to its lowest visible point around midday March 18, near 20, before recovering toward 40 during the overnight session. The afternoon breakdown on March 19 has pushed it back below 30 for the second time in 36 hours.

Two separate trips into oversold territory within the same 36-hour window reflect sustained selling pressure with insufficient buyer response at each bounce attempt. The yellow line has not crossed below 30 during either episode, which means the longer-term momentum signal has not confirmed a full capitulation. It is declining toward that level.

What the On-Chain Data Shows

CryptoQuant data shows Ethereum’s spot price is approaching the realized price of accumulation addresses from below. The realized price for accumulation addresses represents the average cost basis at which large, long-term holders acquired their ETH. Price trading below that level means those holders are currently at an unrealized loss on their positions.

The chart covering 2018 through 2026 shows the realized price line, in orange, rising steadily from under $100 in 2018 to approximately $2,000 to $2,200 in early 2026. Current ETH price at $2,113 sits near or slightly below that realized price level based on the chart’s visible convergence at the right edge.

The inflow chart tells the more immediately significant story. ETH inflows into accumulation addresses have spiked to some of the highest levels visible on the chart since 2018, with the blue inflow bars in the most recent period reaching toward the 1 million ETH range.

That accumulation is happening while price is below the realized price of those same addresses. Whales are adding to positions at a loss relative to their average cost basis. That behavior is consistent with conviction buying rather than panic response.

The Trendline Rejection

Crypto trader GainMuse published a structural read on ETH/USDT covering a multi-week timeframe. The analysis identifies a rejection from a rising trendline following a failed attempt to sustain movement above local resistance. The recent breakout attempt turned into a rejection signal, with price dropping back below the rising structure.

The near-term scenario GainMuse identifies involves a potential recovery attempt toward the broken trendline that could lead price toward lower channel support rather than a full reversal. The invalidation level is a sustained reclaim of structure above the broken trendline, which would allow buyers to re-enter control and shift momentum back upward.

Current price at $2,110 sits 6.4% below the declining 50 SMA and near the realized price of whale accumulation addresses. The technical structure is bearish on the short timeframe. The on-chain accumulation data is the one reading pointing in the opposite direction.

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