Mike Smith
10 days ago
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Ethereum continues to struggle to regain ground as global macroeconomic factors weigh on the market. The cryptocurrency needs to consolidate above $2,200 to reinforce the upward momentum, which remains limited for now.
After reaching a high of $4,100 on 16 December 2024, Ethereum's price has fallen more than 51% in the past three months, showing a downtrend. However, analysts note that ETH could reverse the trend if it manages to regain control of the key $2196-$3900 range. Crypto expert Rekt Capital emphasises that this level is the ‘macro range’ that must be regained for growth to continue.
Amid this uncertainty, investors are watching the dynamics of open interest in Ethereum futures, which reached a new all-time high on 21 March. This could indicate that major players are preparing for a rally above $2,400. Despite positive regulatory changes in the crypto market, including the withdrawal of a lawsuit against Ripple, ETH has yet to gain enough momentum for sustained growth.
Interestingly, large Ethereum holders continue to accumulate the asset while the rest of the market sells off. Data from analytics platform Glassnode shows that the number of wallets with balances of $100,000 or more in ETH has started to increase since the beginning of March. From 10 to 22 March, their number increased from 70,000 to 75,000.
Despite the high volatility, the outlook for Ethereum remains optimistic. VanEck estimates that ETH could reach the $6,000 mark in 2025, while Bitcoin could reach $180,000.
