Data from the Glassnode platform shows that as of March 22, the number of Ethereum wallet addresses holding more than $100,000 jumped from 70,000 to 75,000. This shows that the market is increasingly confident in the rebound of Ethereum prices, and whales are rapidly increasing their holdings of ETH. This shift in market sentiment happened to occur in an atmosphere of greater macroeconomic uncertainty.
On March 19, crypto analyst Rekt Capital posted on the X (original Twitter) platform that if the price of Ethereum can rebound above $2,200 and explain a strong enough reaction at this position, then Ethereum is expected to regain the key price range of $2,196 to $3,900. According to data from TradingView, the price of Ethereum is still in a downward trend, having fallen by more than 51% since the high of $4,100 on December 16, 2024.
Ethereum open interest hit a new all-time high on March 21, suggesting that large traders may be positioning for an upward move, possibly to push Ethereum above the $2,400 mark. This surge in derivatives trading activity shows that professional market participants are regaining interest and confidence in ETH. Despite short-term macro headwinds such as the global trade war, the rise in open interest reflects that many investors are betting on a strong rebound in the market, further strengthening the bullish sentiment in the Ethereum market.
Although most people generally believe that whales often play the role of sellers in the crypto market, in the current environment, they have stabilized the market bottom. “Those whales holding 10,000 to 100,000 ETH have actually been buying, while others are selling to the market,” said Nicolai Sondergaard, a research analyst at Nansen. These large players may provide enough stabilizing force for the market when retail investors exit.
Although the current number of large ETH wallet addresses is still far below the historical peak of 146,000 on December 8, 2023, the market’s optimism about the market in 2025 remains strong. Asset management company VanEck predicts that the price of Ethereum will hit a cyclical high of $6,000 in 2025, indicating that despite the current volatility, the market’s confidence in Ethereum’s long-term prospects remains solid.
