Ether's price has been on a rollercoaster, dropping 6% between March 19 and 21 after failing to break the $2,050 resistance level. Since February 21, ETH has tumbled 28%, lagging behind the broader crypto market's 14% decline. Despite this, Ether futures open interest hit a record high on March 21, sparking curiosity about potential large investor moves.

The futures market saw a 15% rise in open interest, reaching 10.23 million ETH, but demand for leveraged long positions remains weak. Meanwhile, Ether's price is pressured by macroeconomic risks and declining demand for decentralized applications.