Ether needs to reclaim the “macro” range above the $2,200 mark to amass more upside momentum as crypto markets remain pressured by global macroeconomic concerns until at least the beginning of April.
Ether (ETH) price is down over 51% during its three-month downtrend after it peaked above $4,100 on Dec. 16, 2024, TradingView data shows.
ETH/USD, 1-day chart. Source: Cointelegraph/TradingView
To stage a reversal from thncoinglis downtrend, Ether price needs to reclaim the “macro range” above $2,200, wrote popular crypto analyst Rekt Capital in a March 19 X post:
“If price can generate a strong enough reaction here, then #ETH will be able to reclaim the $2,196-$3,900 Macro Range (black).”
ETH/USD, monthly chart. Source: Rekt Capital
Meanwhile, Ether’s open interest surged to a new all-time high