Ether (ETH) has been on a downward trend for the past three months, dropping over 51% from its peak of $4,100 on December 16, 2024, according to CoinMarketCap data. Despite this, large investors have been steadily accumulating ETH. The number of wallets holding at least $100,000 worth of Ether increased from around 70,000 on March 10 to over 75,000 by March 22, according to Glassnode. In December, when ETH was trading above $4,000, there were over 146,000 such wallets.

“The ETH whales in the 10K to 100K have actually been accumulating ETH, whereas everyone else has been dumping,” said Nicolai Sondergaard, a research analyst at Nansen, during Cointelegraph’s Chainreaction show on March 21. Meanwhile, Ether’s open interest surged to an all-time high on March 21, raising investor hopes of a potential rally above $2,400. Analysts believe that for ETH to recover, it must reclaim the $2,200 price range. “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 wrote in a March 19 X post.

However, broader macroeconomic concerns continue to weigh on the market. Analysts predict that uncertainty surrounding trade tensions and retaliatory tariffs will keep financial markets under pressure until at least early April. Despite this, investors remain optimistic about ETH’s long-term prospects.

Regulatory developments have also influenced market sentiment. The U.S. Securities and Exchange Commission recently dropped its lawsuit against Ripple, a move seen as a positive signal for the broader crypto industry. Looking ahead, investment firm VanEck has predicted that ETH could reach a cycle top of $6,000 in 2025, while Bitcoin could climb to $180,000.