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The whale holdings of ETH began to rise in early March, indicating that large holders expect ETH to rise in the near term.

ETH needs to reclaim the "macro" range above $2,200 to build more upward momentum, as the crypto market will continue to be pressured by global macroeconomic concerns at least until early April.

TradingView data shows that ETH price dropped over 51% in a three-month downtrend after reaching a peak above $4,100 on December 16, 2024. (ETH $2,016)

ETH/USD, 1-day chart.

Famous crypto analyst Rekt Capital wrote in an X post on March 19 that ETH price needs to return to the "macro range" above $2,200 to reverse its downward trend:

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"If price can generate a strong enough reaction here, #ETH will be able to reclaim the macro range (black) between $2,196 and $3,900."

ETH/USD, monthly chart.

Meanwhile, ETH's open interest surged to a historical high on March 21, raising hopes that large traders are preparing for a breakout above $2,400.

Total open interest in ETH futures.

Despite positive progress in crypto regulation, such as the SEC dropping its lawsuit against Ripple, ETH has been unable to gain significant momentum.

Some analysts expect both traditional and crypto markets to be pressured by global trade war concerns at least until early April, when countries might find ways to resolve retaliatory tariffs.

Nansen Analyst: ETH Whales Are the Only Buyers

Nansen research analyst Nicolai Sondergaard stated that although crypto traders often blame market stagnation on large investors or "whales", these participants are merely "casually manipulating the market".

The analyst said on March 21 in Cointelegraph's Chainreaction daily X show:

"ETH whales with 10,000 to 100,000 ETH are actually accumulating ETH, while everyone else is selling."

glassnode data shows that the number of addresses holding at least $100,000 worth of ETH has been rising since early March, increasing from over 70,000 on March 10 to over 75,000 on March 22.

ETH: Number of addresses with balance ≥ $100,000. Year-to-date chart.

In comparison, on December 8, when ETH price was over $4,000, more than 146,000 wallets had an ETH balance over $100,000.

Despite potential short-term volatility, investors remain optimistic about the remainder of 2025, with VanEck predicting ETH will reach a cycle high of $6,000 and Bitcoin will reach $180,000 in 2025. (Bitcoin $85,052)