Ether, the second-largest cryptocurrency by market capitalization, has been facing a downward trend for the past three months. After reaching an all-time high of over $4,100 on December 16, 2024, Ether’s price has dropped by over 51%, according to data from TradingView.

To reverse this downtrend, Ether needs to reclaim the “macro range” above $2,200, as noted by popular crypto analyst Rekt Capital in a recent post. This range, which is marked in black on the monthly chart, has been a key level for Ether’s price in the past.

However, despite positive regulatory developments and a surge in open interest for Ether futures, the cryptocurrency has been unable to gain significant momentum. This is due to global macroeconomic concerns, which are expected to continue until at least the beginning of April.

But there is hope for Ether’s price as large investors, or “whales,” have been accumulating the cryptocurrency. According to Nicolai Sondergaard, a research analyst at Nansen, the number of addresses with at least $100,000 worth of Ether has been increasing since the beginning of March. This suggests that these whales are confident in Ether’s long-term potential.

In fact, some analysts predict a $6,000 cycle top for Ether’s price and a $180,000 Bitcoin price by the end of 2025. This optimism is shared by investment firm VanEck, which also predicts a strong year for cryptocurrencies.

Despite short-term volatility, investors remain bullish on Ether and the overall crypto market. And with whales accumulating and positive developments in the regulatory landscape, it’s only a matter of time before Ether reclaims its “macro range” and continues its upward trajectory.