Ether Whales Accumulate as Price Aims for $2,200 Reclaim Amidst Market Pressures

Ether (ETH) is facing a critical juncture as large holders, or "whales," began accumulating the cryptocurrency at the beginning of March, signaling potential optimism for a near-term rally. Despite a 51% price decline since December 16, 2024, when it peaked above $4,100, analysts suggest Ether needs to reclaim the $2,200 level to regain upside momentum. According to a March 19 X post by crypto analyst Rekt Capital, reclaiming the $2,196-$3,900 macro range is crucial. On March 21, Ether's open interest surged to an all-time high, fueling hopes for a rally above $2,400. Nansen's research analyst Nicolai Sondergaard noted on March 21 that ETH whales (10k-100k) have been accumulating, contrasting with broader market selling. The number of addresses holding at least $100,000 worth of Ether increased from just over 70,000 on March 10 to over 75,000 on March 22. Looking ahead, VanEck predicts a $6,000 cycle top for Ether and a $180,000 Bitcoin price in 2025.