Ether (ETH) could be poised to retest $2,500 if the current rally above $2,150 and bullish volumes in the spot and futures markets pushing prices higher continue.
Ether is also supported by a key macro indicator that places the altcoin in a rare undervaluation zone, not seen since 2022. The data indicates a decrease in selling pressure and the early stages of an accumulation process for Ether.
ETH Price Structure Strengthens Above $2,150
Ether’s daily chart shows the bulls leading the charge after a 6.33% rally pushed the price above the $2,150 resistance. ETH now looks to retest its March highs near $2,385, with a further rise towards the $2,475-$2,635 fair value gap acting as a price magnet for the bulls.
Repeated retests of $2,150 over the past two months suggest weakening resistance, as buyers continue to intervene at higher levels.
The charts show that the ETH market structure is improving and current volumes are largely driven by the spot market. On the four-hour chart, ETH is holding higher lows while attempting to break through the $2,250-$2,300 range.
The cumulative spot volume delta (CVD) remained elevated in April at 184,500 ETH, reflecting sustained spot demand.
The CVD of futures contracts has also gradually increased to 4.36 million ETH, suggesting that derivatives traders are starting to support rather than lead this trend.
The funding rate remains positive at 0.0052, indicating a long bias, and open interest near 4.75 million ETH is still limited, signaling limited leverage.
The data shows that ETH is in a controlled accumulation phase, slightly led by spot demand, although a stronger breakout would likely require an expansion of futures positioning.
Related: Ethereum Stablecoin Supply Hits All-Time High of $180 Billion: Token Terminal
Macro Index Shows ETH in “Rare” Undervalued Zone
Ether could approach a macroeconomic bottom depending on Capriole Macro Index Oscillator with a reading at -2.42. This places Ether in a rare undervalued zone, historically linked to capitulation and trend reversals.
The indicator tracks investment behavior, cycle positioning and on-chain data, with deeply negative values often signaling seller exhaustion.
The preceding signals highlight the reliability of the metric. From June to July 2022, ETH bottomed near $1,000 to $1,200 when the indicator fell to -2.2. From October to November 2023, a decline to -1 aligned with the ETH price breakout following a decline to $1,500.
In April 2025, another negative reading marked a local bottom near $1,500, setting the stage for a rally above $4,000.
The current configuration reflects previous phases of capitulation. ETH fell from a high near $4,800 to $2,100 while the oscillator sits near cycle lows.
With ETH now in a rare undervalued zone, the downside risk appears limited compared to the upside potential. However, confirmation would come with a recovery of the $2,400-$2,500 level and a return towards zero for the macro indicator.
Sunmoon Crypto Analyst note that the buy/sell ratio of ETH takers has been on an upward trend for four to five months.
Combined with the current decline, the structure resembles the pattern preceding the April-May 2025 rally, suggesting that a similar recovery phase could be forming.
Related: Three reasons why Ether traders expect ETH to hold above $1.8k
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