As per recent reports, Ethereum (ETH) is on track to reestablish its “macro” range above $2,200, backed by increasing whale accumulation. This comes at a time when crypto markets continue to be influenced by global macroeconomic uncertainties, expected to persist until early April.
ETHUSD price has seen a substantial decline of over 51% during a three-month downtrend since it reached a pinnacle of more than $4,100 on December 16, 2024, according to TradingView data.
To reverse this downtrend, Ethereum’s price needs to regain the “macro range” above $2,200, stated renowned crypto analyst Rekt Capital in a March 19 post. He mentioned, “If the price can elicit a robust enough reaction at this point, #ETH will be in a position to regain the $2,196-$3,900 Macro Range (black).”
On the brighter side, Ethereum’s open interest experienced a new record high on March 21, reviving investor optimism that large traders are preparing for a rally surpassing $2,400.
Despite encouraging regulatory developments in the crypto space, including the US Securities and Exchange Commission dropping its lawsuit against Ripple, Ethereum hasn’t managed to secure significant momentum.
Analysts anticipate both traditional and cryptocurrency markets will continue to face the heat of global trade war anxieties until at least the beginning of April when potential resolutions to the retaliatory tariffs may surface.
While market downturns are often attributed to large investors or “whales”, these players are merely “navigating the market in any direction”, opined Nicolai Sondergaard, a research analyst at Nansen. On Cointelegraph’s Chainreaction daily show on March 21, he revealed, “The ETH whales in the 10k to 100k range have been accumulating ETH, whereas the rest have been offloading.”
Addresses holding at least $100,000 worth of Ether have been on the rise since early March, moving from just over 70,000 addresses on March 10 to over 75,000 on March 22, as revealed by Glassnode data.
Despite short-term volatility risks, investors maintain a positive outlook for the remainder of 2025. VanEck projected a $6,000 cycle peak for Ethereum’s price and a $180,000 price for Bitcoin (BTC) in 2025.
