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 fresh 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.
Source: X/Ash Crypto
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.
ETH whale position on HyperLiquid. Source: TAnotepad
These moves coincide with continued inflows into Ethereum cash ETFs, which have seen seven consecutive days of net inflows totaling $426 million.
ETH flow chart in place. Source: SoSoValue
Meanwhile, Ethereum’s global investment products recorded inflows of $328 million in the week ended last Friday.
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 escalate 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 escalate of over 41% from the current price level.
ETH/USD daily chart. Source: Cointelegraph/TradingView
The Relative Strength Index rose to 54 from oversold conditions of 18 on February 6, suggesting increasing momentum.
However, the breakout may be constrained 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 said that a breakout from a multi-year ascending triangle could lead to a 60-100% escalate in ETH prices.
ETH/USD weekly chart. Source: X/Micro2Macr0
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.
