Yes, this is certainly possible.
If you need to exclude IP addresses from being used in the Macvlan network, such as when a given IP address is already in use, use --aux-addresses as shown in the code snippet below:
$ docker network create -d macvlan \
--subnet=192.168.32.0/24 \
--ip-range=192.168.32.128/25 \
--gateway=192.168.32.254 \
--aux-address="my-router=192.168.32.129" \
-o parent=eth0 macnet32
For a futher understanding of MacVLAN networks in docker, you could refer to:
https://docs.docker.com/network/macvlan/