Ether (ETH) may be on a path to retest $2,500 as a rally above $2,150 is supported by strong spot market volumes and a key macro indicator. The Capriole Macro Index Oscillator places ETH in a rare undervalued zone, a condition historically linked with seller exhaustion and potential trend reversals, while data shows sustained demand from spot buyers.
Ether’s price structure has strengthened after a 6.33% rally pushed it above the $2,150 resistance level. The cryptocurrency could now retest its March highs near $2,385, with a fair-value gap between $2,475 and $2,635 acting as a further target for bulls.
Market structure is improving with volumes largely driven by the spot market, data shows. The aggregated spot Cumulative Volume Delta has remained elevated in April, reflecting sustained spot demand, while the futures CVD suggests derivatives traders are beginning to support the move.
A key macro indicator, the Capriole Macro Index Oscillator, shows Ether in a rare undervalued zone with a reading of -2.42. Deeply negative values in this metric have historically signaled seller exhaustion and preceded trend reversals.
Previous signals highlight the metric’s reliability, including readings before major bottoms in 2022 and 2023. The current setup mirrors prior capitulation phases, with ETH having fallen from highs near $4,800 to recent levels around $2,100.
Separate on-chain data analyzed by crypto sunmoon noted that the ETH taker buy/sell ratio has been trending upward for four to five months. Combined with the current price drawdown, the structure resembles the setup preceding the April to May 2025 rally.
