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A L2 Etherchannel would "look" at whatever L2 or L3 fields it's been configured to use for load balancing. If using SRC and/or DST MACs, it would "look" at those two fields within the L2 frame.
Exactly how hash values are generated, I believe, is considered proprietary information. Logically, though, the hash algorithm will derive a number, on most platforms between 0 and 7 and use it to "map" into the number of links. (On the platforms the derive a number between 0 and 7, your most even load balancing is accomplished by using a power of two number of links, i.e. 2, 4 or 8.)
