FameEX Hot Topics | ETH Could Reclaim $2.2K 'Macro Range' as Whale Accumulation Rises

Ethereum whale accumulation has been on the rise since early March, signaling growing confidence among large holders that a potential price rally could be on the horizon. This shift in sentiment comes as the broader crypto market continues to navigate uncertainty driven by macroeconomic pressures. According to data from Glassnode, the number of wallets holding at least $100,000 worth of ETH increased from just over 70,000 on March 10 to more than 75,000 by March 22.

Currently, Ether’s price remains in a downtrend, having fallen more than 51% from its December 16, 2024 high above $4,100, based on TradingView data. Crypto analyst Rekt Capital highlighted in a March 19 X post that Ether must reclaim the key “macro range” above $2,200 to build enough momentum for a bullish reversal. “If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2,196–$3,900 range,” he wrote, suggesting this is a pivotal zone for a potential comeback.

Adding to bullish sentiment, Ether’s open interest reached a new all-time high on March 21, indicating that large traders may be positioning for an upward move, possibly targeting a breakout above the $2,400 mark. This surge in derivatives activity points to renewed interest and confidence from sophisticated market participants. While short-term headwinds remain, such as fears of a global trade war, the rise in open interest suggests many investors are betting on a rebound.

Despite common perceptions that crypto whales contribute to market sell-offs, they appear to be supporting the market in the current environment. “The ETH whales in the 10k to 100k range have actually been accumulating ETH, whereas everyone else has been dumping,” said Nicolai Sondergaard, a research analyst at Nansen. These larger holders could be providing a stabilizing force as retail traders retreat.

While the number of large ETH wallets is still far below the 146,000 peak seen on December 8, when Ether traded above $4,000, optimism for the rest of the year remains strong. Asset manager VanEck has projected a $6,000 cycle top for Ether in 2025, suggesting that long-term confidence in Ethereum’s potential is intact despite current volatility.

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