The Ethereum whale opened a significant long position in Ether (ETH) worth $90.8 million, which looks like a bold bet that the rise of the most popular altcoin is not over.

Key takeaways:

• Ethereum Whale opened a leveraged long position totaling $90.8 million.

• The rising triangle of the ether price chart is targeting $3,230.

Top investors open modern long ETH positions

Data from TradingView showed that the ETH/USD pair was trading at $2,280, up 32% from the low of $1,750 reached on February 6.

By holding above $2,200, Ether provided reason for optimism ahead of key volatility triggers.

“Strong retail sales could lift yields and delay Fed cuts, while weak data would fuel risky bets” – AlphaBTC analyst he said in Monday’s post on X, referring to this week’s main macro factors, adding:

“Fed comments and PMI data add to growth signals, while geopolitical risks remain a wild catalyst for sudden volatility.”

As market participants waited for further catalysts, attention focused on a trader with impressive experience who opened a long position of approximately $90.8 million in ETH with 20x leverage.

TAnotepad analyst excellent that another whale, 0x6C851, opened a long position in ETH worth $61 million at 20x leverage, entering HyperLiquid at around $2,303.

These moves coincide with continued inflows into Ethereum cash ETFs, which have seen seven consecutive days of net inflows totaling $426 million.

Meanwhile, Ethereum’s global investment products saw inflows of $328 million in the week ending April 17.

This reinforces the narrative that whales and institutions see ETH’s recent price rebound above $2,400 as a promising move that could pave the way towards $3,000.

Ether’s rising triangle is targeting an ETH price of $3,200

Ether’s price action formed a classic ascending triangle on the daily chart, as shown below.

The pattern will be resolved once the ETH/USD pair breaks above the triangle resistance line at $2,400. If this happens, the price may augment by as much as the maximum distance between the triangle trend lines.

This puts Ether’s breakout target at around $3,230, which would represent an augment of over 41% from the current price level.

The Relative Strength Index rose to 54 from oversold conditions of 18 on February 6, suggesting increasing momentum.

However, the breakout may be circumscribed by resistance from the $2,350-$2,500 resistance zone marked by the 50-day exponential moving average (EMA).

Beyond that, the next major hurdle is the 200-day EMA at $2,640.

Zooming out, analyst Micro2Macr0 stated that a breakout from a multi-year ascending triangle could lead to a 60-100% augment in ETH prices.

As Cointelegraph reports, ETH price is closing above the resistance at $2,400, putting it on a recovery path towards $2,800 and then to $3,050 in the next few days or weeks.