Ethereum whales have opened massive long positions on Ether (ETH), totalling $425.98 million, in what looks like a bold bet that the downside is over.
Key takeaways:
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Ethereum whales opened leveraged long positions totaling $426 million.
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Ether’s ascending triangle targets $4,030 ETH price.
Top traders open new ETH long positions
Data from Cointelegraph Markets Pro and TradingView showed the ETH/USD pair trading at $3,140, 20% above the $2,621 low reached on Nov. 21.
Holding above $3,000, Ether offered some cause for optimism ahead of some key volatility triggers.
Related: Vitalik Buterin floats gas futures on Ethereum to hedge fee spikes
The Fed rate cut decision is expected on Wednesday, Dec. 10, where markets are pricing in a 25-basis-point rate cut.
As market participants waited for triggers, attention has shifted to three “smart” whales with impressive track records, who have opened long positions, totaling 136,433 ETH, worth about $425.98 million, according to data from Lookonchain.
One whale, BitcoinOG (1011short), has a long position of $169 million in ETH, while Anti-CZ has a long exposure of $194 million.
A third whale, pension-usdt.eth, is long 20,000 ETH, worth approximately $62.5 million at current rates.
Besides these whales, Arkham Intelligence noted that another whale, “0xBADBB,” is using two accounts to go long for a total of $189.5 million in ETH.
Ethereum whale’s long positions. Source: Arkham IntelligenceThese moves coincide with BitMine’s continued push into Ethereum. Last week, the company added $199 million more ETH, bringing its total holdings to 3.73 million ETH ($13.3 billion), thereby cementing its position as the largest corporate holder of ETH.
This reinforces the narrative that whales and institutions view the recent ETH price rebound above $3,000 as a good entry point.
Ether’s ascending channel targets $4,000 ETH price
Ether’s price action has formed a classic ascending triangle on the daily chart, as shown below. The break above the multimonth downtrend line on Dec. 2 increased the prospects of a sustained recovery.
The pattern will resolve once the price breaks above the triangle’s resistance line at $3,250. If this happens, the price could rise by as much as the maximum distance between the triangle’s trendlines.
That puts Ether’s breakout target at about $4,020, up by more than 28% from current price levels.
ETH/USD daily chart. Source: Cointelegraph/TradingViewThe relative strength index has increased to 50, from oversold conditions at 28 on Nov. 28, suggesting increasing upward momentum.
However, the recovery could be curtailed by resistance from the $3,350-$3,550 resistance zone, where both the 50-day and 100-day SMAs currently sit. Beyond that, the next major hurdle is the 200-day SMA at $3,800.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
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