Ethereum token transfers surged to 2.75 million on a 14-day moving average as the cryptocurrency's price fell to the $2,000 range. This marks the highest level of token transfers since August 2025, indicating significant market activity. The increase in transfers suggests a "great cleansing" of weak hands, with historical data often associating such spikes with the exhaustion of selling pressure and the potential formation of a local price bottom. The 14-day moving average of token transfers is a key on-chain indicator used to track the trend and intensity of token transactions on the Ethereum network.