Ether whales accumulate amid $2.2K reclaim push

Ether’s (CRYPTO:ETH) price trajectory hinges on reclaiming the $2,200 “macro range” to reverse its three-month downtrend, analysts suggest, as large investors show renewed accumulation activity.

“If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2,196-$3,900 Macro Range (black),” crypto analyst Rekt Capital stated in a March 19 X post, emphasising the importance of this threshold.

Ether has declined over 51% since peaking above $4,100 in December 2024, with its current price hovering near $1,986.

While regulatory developments like the SEC dropping its Ripple lawsuit provided optimism, macroeconomic pressures—including global trade tensions—continue to weigh on markets.

“The ETH whales in the 10k to 100k have actually been accumulating ETH, whereas everyone else has been dumping,” Nansen’s Nicolai Sondergaard highlighted, noting a divergence in investor behavior.

Glassnode data shows the number of addresses holding ≥$100k in Ether rose from ~70,000 on March 10 to over 75,000 by March 22, signaling renewed confidence among large holders.

However, this remains below December 2024 levels when Ether traded above $4,000, with over 146,000 such wallets at the time.

Ether futures open interest reached a record high on March 21, reflecting heightened positioning among traders.

Despite short-term volatility, analysts remain cautiously optimistic for 2025, with VanEck predicting a potential $6,000 cycle top for Ether.

The interplay between whale accumulation, macroeconomic risks, and technical levels like $2,200 will likely dictate Ether’s near-term trajectory.

While regulatory clarity offers tailwinds, trade war uncertainties may prolong market uncertainty until April.

At the time of reporting, the Ethereum (ETH) price was $1,990.65.