Ethereum Whales Accumulate as Price Eyes Critical $2.2K Breakout
Ether can reclaim an important macro range as whale activity picks up and investor sentiment improves.
ETH Price Downtrend Nears Pivot Point
Ethereum (ETH) is trading at $1,991, more than 51% off its December 2024 high of $4,100, according to data from TradingView. The three-month downtrend has been driven in large part by macro uncertainty, including inflation fears and persistent international trade tensions.
Analysts are now watching the $2,200 level closely — a macro resistance zone. ETH needs to break through this point to recover strength and enter a broader bullish range of $2,196 to $3,900, said crypto analyst Rekt Capital.
“If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2,196–$3,900 Macro Range,” Rekt Capital wrote in a March 19 X post.
Futures Market Suggests Investor Interest
Furthering bullish sentiment, ETH futures open interest hit an all-time high on March 21, per CoinGlass. The spike represents growing investor activity, with many setting up for a breakout higher towards $2,400 and beyond.
Though the crypto market is cautious, growing derivatives activity suggests confidence in a near-term move to the upside.
Regulatory Wins Offer Tailwinds
Despite external economic pressure, recent regulatory developments have served to improve sentiment in the crypto space. Specifically, the U.S. Securities and Exchange Commission dropped its lawsuit against Ripple, which could be a sign of a friendlier regulatory environment for digital assets going forward.
Nevertheless, some analysts caution that geopolitical tensions, including ongoing tariff disputes, could suppress upside at least through early April.
Whales Accumulate as Retail Sells
As retail traders appear to be selling, Ethereum whales have been buying. Nansen analyst Nicolai Sondergaard noted that wallets holding 10,000 to 100,000 ETH have been buying steadily since early March.
“The ETH whales have actually been accumulating ETH, while everybody else has been selling,” Sondergaard said on a March 21 Chainreaction X episode.
Glassnode metrics confirm this trend: wallets with over $100,000 worth of ETH grew from 70,000 on March 10 to over 75,000 by March 22.
2025 Outlook Still Strong
Looking further out, institutional sentiment remains bullish. Asset manager VanEck has forecast a $6,000 price target for Ether and a $180,000 peak for Bitcoin in the current cycle, reaffirming long-term investor optimism despite near-term volatility.
