Ether (ETH) could be on track to retest $2,500 if the current rally above $2,150 continues and bullish volumes in the spot and futures markets push prices higher.

Ether is also supported by a key macro indicator that places the altcoin in a occasional undervalued zone not seen since 2022. The data indicates easing selling pressure and the early stages of Ether’s accumulation process.

ETH price structure strengthens above $2,150

Ether’s daily chart shows bulls leading the charge after a 6.33% surge pushed the price above the resistance at $2,150. ETH now expects a retest of its March highs near $2,385, with further growth towards the $2,475-$2,635 fair value gap, which will be a price magnet for bulls.

Repeated retests of the $2,150 level over the past two months suggest weakening resistance as buyers continue to push higher.

The charts show an improvement in the ETH market structure, with current volumes largely driven by the spot market. On the four-hour chart, ETH is holding higher lows as it tries to break into the $2,250-$2,300 range.

The aggregate cumulative spot volume delta (CVD) for April remained elevated at 184,500 ETH, reflecting continued demand in the spot market.

CVD futures also showed a gradual upward trend to 4.36 million ETH, suggesting that derivatives traders are starting to support rather than lead this move.

The funding rate remains positive at 0.0052, indicating a long deviation, and the open interest near 4.75 million ETH is still within the range, signaling narrow leverage.

The data shows that ETH is in a phase of controlled accumulation, slightly influenced 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

The macro index shows ETH in a “rare” undervalued zone

According to data, ether may be approaching the macroeconomic bottom Capriole Macro Index Oscillator with a reading of -2.42. This puts Ether in a occasional undervalued zone, historically associated with capitulation and trend reversals.

The index tracks investing behavior, cycle positioning and supply chain data, with deeply negative values ​​often signaling seller exhaustion.

The previous signals emphasize the trustworthiness of the metric. During June-July 2022, the ETH price bottomed out near $1,000-$1,200 when the index dropped to -2.2. In the October-November 2023 period, the decline to -1 matched the breakout in the ETH price after falling to $1,500.

In April 2025, another negative reading marked a local low near $1,500, setting the stage for a rise above $4,000.

The current configuration reflects earlier phases of surrender. ETH has fallen from highs near $4,800 to $2,100 while the oscillator is trading near cycle lows.

Since ETH is currently in a occasional undervalued zone, the risk of loss appears narrow compared to the upside potential. However, confirmation will occur when the level of $2,400-2,500 is regained and the macro indicator returns to zero.

Sunmoon cryptocurrency analyst excellent that ETH supporters’ buy/sell ratio has been trending upwards for the past four to five months.

Combined with the current decline, the structure resembles that prior to the April-May 2025 rally, suggesting that a similar phase of recovery may be beginning.

Related: Three Reasons Ether Investors Expect ETH to Stay Above 1.8K dollars