Ethereum’s macro oscillators signal a 2022-level undervaluation

Ethereum is currently positioned for potential upside targets of $2,400 to $2,500, provided the asset maintains support at $2,140. This projection follows a period of undervaluation indicated by the Capriole Macro Index Oscillator, which currently registers -2.42. This reading has not appeared since 2022. Historically, extreme negative values on this oscillator correspond with seller exhaustion and price reversals. In mid-2022, the oscillator declined to -2.2 when Ethereum established a bottom in the $1,000–$1,200 range. In late 2023, a descent to -1 preceded a breakout rally from the $1,500 level. Ethereum has climbed 6.5% over the past month and is currently trading above $2,200. A decisive breach of the $2,265 resistance barrier would clear the pathway toward $2,320.