EtherETHThe current price rally of $2,150 is likely to continue if spot market and futures volumes are bullish and prices keep rising.
A key macro indicator also supports Ether, placing the altcoin into a rare zone of undervaluation that has not been seen since 2022. Data indicates a fading of selling pressure, and that Ether is in the beginning stages of accumulating.
The ETH pricing structure is strengthening above $2.150
Ether daily chart reveals bulls are leading after a price rally above $2,150. ETH now eyes a retest of its March highs near $2,385, with further upside toward the $2,475–$2,635 fair-value gap acting as a price magnet for bulls.
In the past 2 months, buyers have continued to buy at higher prices, resulting in a weakening level of resistance.
The charts show that the ETH market is improving, and current volumes are largely driven by spot markets. On the four-hour chart, ETH maintains higher lows while attempting to break into the $2,250–$2,300 range.
In April, the aggregated cumulative volume delta of spot (CVD), which reflects sustained demand, remained high at 184 500 ETH.
It is also evident that the futures CVD trend has been gradually increasing to reach 4,36,000,000 ETH. The move suggests that derivatives traders have begun to follow, and not lead, this movement.
Funding rate is positive and at 0.0052. This indicates a bias towards long-term investments. Meanwhile, open interest, near 4,75 million ETH remains range bound, signaling limited leverage.
Data indicates that ETH is currently in a controlled accumulation stage, led marginally by the spot market, although a strong breakout would require an expansion of futures position.
Related: Ethereum stablecoin supply hits $180B all-time high: Token Terminal
Macro index shows ETH in a “rare” undervalued zone
Ether could be close to a macro-bottom, according to the Capriole Macro Index Oscillator A reading of -2.42 is a good indication. Ether is now in the rare zone of undervaluation historically associated with capitulation or trend reversals.
This indicator measures investment behaviour, cycle position, and data onchain, whereby values that are deeply negative often indicate seller exhaustion.
Prior signals demonstrate the reliability of this metric. In June to July 2022, ETH bottomed near $1,000–$1,200 when the indicator fell to -2.2. A drop from -2 to -1 coincided in November and October 2023 with ETH price breaking above $1,500.
Another negative reading near the bottom of $1,500 in April 2025 set the stage for an upward move above $4,000
This current phase is similar to previous capitulation periods. ETH is down from a high of $4,800, to around $2,100. The oscillator has also dropped.
As ETH is now trading in a very rare zone of undervaluation, it appears that the downside risks are limited compared to the potential upside. However, the confirmation would come with a reclaim of the $2,400–$2,500 level and a move back toward zero for the macro indicator.
Analyst crypto sunmoon noted Since four to five months, the ETH buy/sell ratio is on an upward trend.
In combination with the current pullback, the structure is similar to that which preceded the rally of April-May 2025. This suggests a similar phase of recovery may be developing.
Related: Three reasons why Ether traders expect ETH to hold above $1.8K
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Source: cointelegraph.com
