Ethereum traded around $1,986 That’s because traders were focused on the long-term support band that has made up the price movement since 2020. A TradingView chart created by StoicTraderXBT on March 1st showed the following $ETH Returning towards the lower end of the rising “macro range” zone, the latest candlestick is testing the same area that previously acted as a downside after a significant decline.
The low range of the macro range becomes a focus level.
In a post on He added that the current zone is where the bulls “have to show up” and decide whether to call this region a support.
Ethereum macro range low. sauce: Stoic Trader XBT
The shaded diagonal band on the chart tracks a gradual upward trend through multiple cycles, including a peak in 2021, a drawdown in 2022, and a swing in 2024-2025. $ETHThe current position of , with the price sitting near the top of that band rather than far above it, leaves the market locked on one technical question: whether long-term trend support holds on a daily closing price basis.
if $ETH Continuing to respect upside, this structure keeps Ethereum within the same multi-year norms that have kept the price in check since the 2022 low. If that fails, traders are likely to treat the move as a regime change. This is because this would completely break the 5-year support guide that has captured the decline multiple times.
$ETH Whale’s unrealized losses become even more serious as the price hovers around $2,000
On-chain data shows that several large groups of Ethereum holders are experiencing unrealized losses. $ETH It is trading near the $2,000 level. The CryptoQuant chart shared by James Easton is $ETH Whale unrealized profit margin across wallets holding 1,000 to 10,000 $ETH10,000 to 100,000 $ETHmore than 100,000 $ETH. The latest measurements have multiple cohorts just below the zero line. This means that their average cost basis is currently above the market price.
$ETH Whale’s unrealized profit margin. sauce: cryptoquant
The chart plots the price of Ethereum in black, and the colored bands represent profit margins by balance size. When this indicator falls below zero, it indicates that those holders are underwater on average. Recent data shows 1,000 to 10,000 $ETH While the group falls into the negative, the larger whale category is also hovering around or below break-even. This move reflects pressure across higher balance wallets following a rebound from previous highs.
A similar pattern emerged during earlier economic downturns, including the 2018-2019 decline and part of 2022, when whale margins narrowed before prices stabilized or reversed. However, the current drawdown remains more moderate than the extremes of previous cycles. “The whales are sitting on unrealized losses,” James Easton wrote, adding that this situation “won’t last long,” highlighting the recent change in the position of large Ethereum holders.
