Ether may potentially regain its $2,200 “macro range” as evidence mounts of growing accumulation by large-scale investors, known as whales.
This trend of increasing whale accumulation began at the start of March, indicating that these major holders anticipate an upcoming price surge for Ether in the near future.
$2.2K Macro Range Crucial for Upward Momentum
Currently priced at $2,059, Ether has experienced a significant price correction, falling over 51% from its peak of over $4,100 reached on December 16, 2024, according to data from TradingView.
This downtrend has persisted for three months. Crypto analyst Rekt Capital highlighted in a March 19 post on X that for Ether to reverse this negative trend, regaining the “macro range” above $2,200 is essential.
Ether Down 51% from December Peak
Rekt Capital stated that a substantial positive price reaction around the current levels could enable Ether to re-enter its broader trading range of $2,196 to $3,900.
Concurrently, investor optimism has been boosted by a surge in Ether’s open interest, which hit a record high on March 21.
This surge implies that significant traders are positioning themselves to capitalize on a potential rally that could push Ether’s price beyond $2,400.
Despite some positive developments in crypto regulation, such as the U.S. Securities and Exchange Commission withdrawing its case against Ripple, Ether has not yet managed to achieve considerable upward movement.
Market observers anticipate that broader market pressures, stemming from global trade war anxieties, will likely continue to affect both traditional financial markets and the cryptocurrency sector until at least the beginning of April.
It is expected that some resolution to current trade tariff disputes may emerge around this time.
Interestingly, despite a common perception that large investors or “whales” are responsible for market downturns, Nansen research analyst Nicolai Sondergaard presents a contrasting view.
Data Shows Growth in Wallets Holding Large ETH Amounts
According to Sondergaard, these significant market participants are simply reacting to and capitalizing on market movements in all directions.
During his appearance on Cointelegraph’s Chainreaction daily X show on March 21, Sondergaard pointed out that while the wider market may be selling off Ether, “ETH whales holding between 10,000 and 100,000 ETH have been in an accumulation phase.”
