Whale accumulation is back, and the charts are showing it. ETH has pushed past the $2,000 mark again, sitting around $2,074 at press time. It’s been a rough few weeks for holders, but the on-chain picture tells a different story now. Large wallets have been quietly loading up while most people were still panicking.

What’s Pushing Ethereum Back Into the Green?

Wednesday kicked things off. The crypto market found its footing and hasn’t really looked back since. Ethereum tagged along, posting close to 8% gains in that window. Nothing parabolic, but steady enough to matter.

Santiment ran the numbers on the 30-day MVRV ratio across large-cap coins. The picture for Ethereum has improved noticeably. A few weeks ago, ETH was deep in undervalued territory. Right now, the MVRV sits at -5.5%, which puts it in a mildly undervalued range. That’s still not a danger zone by any stretch.

Whale Accumulation Activity Hits the Spotlight

Lookonchain documented a wallet tagged 0xAb59 spending $14.57 million to pick up 7,008 ETH at roughly $2,079 per coin. That’s not a small bet. That’s a conviction trade.

Another whale address, 0x166f, pulled 20,000 ETH worth $38.25 million off Binance and Deribit in under two hours. The withdrawal came across five separate transactions, with the largest single move being 8,000 ETH from a Binance hot wallet. 

When you see that kind of whale accumulation pattern, it usually means someone knows something, or at least strongly believes they do.

This wave of whale accumulation isn’t coming from just one corner either. Multiple large wallets are moving in a similar direction, which gives the signal more weight.

Also Read: Top 10 Best Strategies to Follow for the Bear Market 2026

Coinbase Premium Index Turns Positive – US Investors Step Back In

One of the cleaner signals in this rally comes from CryptoQuant data. The Ethereum Coinbase Premium Index crossed above zero for the first time since early January.

For most of January and February 2026, this index stayed firmly negative. A negative reading means ETH was trading cheaper on Coinbase than on Binance, typically a sign that US-based buyers were sitting out.

Things look different now. ETH is actually carrying a small premium on Coinbase over Binance. That tells you US buyers are coming back in, and based on historical patterns, that tends to include institutional money moving in size. One analyst on X summed it up well: “Most of the moments when the ETH Coinbase premium turned positive were followed by an upward trend.”

That’s hard to ignore. When US institutional money starts showing interest, it tends to keep a rally going longer than a retail-driven pump ever could.

Derivatives Traders Riding the Wave

The rally has also rewarded some daring derivatives traders. On-chain Lens data shows a trader called Machi had a leveraged 25x long position on Ethereum swinging back into profit, now sitting at over $760,000 in gains.

Meanwhile, the whale known as “pension-usdt.eth” closed long positions on both ETH and Bitcoin, taking home around $1.16 million in realized profits. That kind of profit-taking after whale accumulation is typical: buy low, let the market move, and exit into strength.

Why is Ethereum climbing past $2,000? 

It’s a few things converging together. Whales have been buying heavily, the broader market caught a bid mid-week, and US investors appear to be stepping back in after weeks of sitting out.

What is the Coinbase Premium Index? 

It tracks the price gap between ETH on Coinbase vs Binance. When Coinbase prices run higher, it usually means American buyers, often institutions, are pushing demand up from their end.

Also Read: Top 7 Crypto Coins to Buy During the 2026 Bear Market

What does whale accumulation mean for price? 

When large wallets consistently buy and pull assets off exchanges, the available supply drops. Less supply with steady or growing demand tends to push prices up.

Is this ETH rally sustainable? 

The on-chain data looks constructive right now. But the MVRV is still in negative territory, and macro conditions can shift fast. Worth watching closely rather than assuming it’s smooth sailing from here.

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Disclaimer:

Look, we’re just journalists reporting the news here, not your financial advisors. Everything you read above is for information purposes only. Crypto is wild, unpredictable, and can absolutely wreck your savings if you’re not careful. Never invest money you can’t afford to lose. Seriously, we mean it. Do your own research, talk to actual licensed financial professionals, and remember that past performance means absolutely nothing when it comes to future results. The crypto market can turn on a dime, and what’s hot today might be toast tomorrow. We’re not responsible for your investment decisions, good or bad. Trade smart, stay safe, and don’t bet the farm on anything you read on the internet, including this article.