FameEX Hot Topics | ETH Eyes $2.2K ‘Macro Range’ Recovery Amid Rising Whale Accumulation

Since early March, Ethereum whale accumulation has seen a notable uptick, reflecting growing confidence among large holders that a price rally could be approaching. Data from Glassnode shows that wallets holding at least $100,000 worth of ETH have grown from just over 70,000 on March 10 to more than 75,000 by March 22. This trend suggests a shift in sentiment even as the broader crypto market faces ongoing macroeconomic challenges.

Ether’s price, however, remains in a downward trend, currently down over 51% from its December 16, 2024 peak of above $4,100, according to TradingView. On March 19, crypto analyst Rekt Capital pointed out that ETH must break above the $2,200 “macro range” to gain momentum for a potential bullish reversal. He stated that if ETH can generate a strong reaction in this zone, it may reclaim the critical $2,196–$3,900 range, which could pave the way for a broader rally.

Further fueling bullish sentiment, Ether’s open interest in derivatives hit an all-time high on March 21. This suggests that large traders are increasingly positioning for an upward move, potentially aiming for a breakout above the $2,400 resistance. The surge in open interest points to renewed conviction from institutional and high-level investors, even as global headwinds—like fears of a trade war—linger.

Interestingly, Ethereum whales are playing a supportive role in the current market environment. “The ETH whales in the 10k to 100k range have actually been accumulating ETH, whereas everyone else has been dumping,” said Nansen research analyst Nicolai Sondergaard. This behavior contrasts with the common assumption that whales lead sell-offs and instead signals their belief in Ethereum’s long-term value.

While large ETH wallets are still below the December 8 peak of 146,000—when ETH traded above $4,000—overall optimism remains. Asset manager VanEck has forecast a $6,000 cycle top for Ether in 2025, reinforcing the view that despite short-term volatility, long-term confidence in Ethereum’s future is strong.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.