Ethereum whale opens $90M long bets as ETH price chart eyes $3.2K

ETH price rising to $2,400 drove whales to open large ETH long bets, as technical indicators suggest a short-term ETH price rally toward $3,000.

An Ethereum whale has opened a significant long position on Ether (ETH) worth $90.8 million, in what looks like a bold bet that the upside is not over for the top altcoin.

Ethereum whale opened a leveraged long position totaling $90.8 million.

Ether price chart’s ascending triangle targets $3,230.

Data from TradingView showed the ETH/USD pair trading at $2,280, or 32% higher than the $1,750 low reached on Feb. 6. 

Holding above $2,200, Ether offered some cause for optimism ahead of key volatility triggers.

“Strong retail sales could push yields higher and delay Fed cuts, while weak data would fuel risk-on bets,” analyst AlphaBTC said in a Monday post on X, referring to the main macro drivers this week, adding:

As market participants waited for the next catalysts, attention has shifted to a trader with an impressive track record, who has opened a long position worth about $90.8 million in ETH, with 20x leverage.

Analyst TAnotepad noted that another whale, 0x6C851, has opened a $61 million ETH long position at 20x leverage with entry around $2,303 on HyperLiquid.

These moves coincide with continued flows into spot Ethereum ETFs, which have recorded net inflows for seven consecutive days, totaling $426 million. 

Meanwhile, global Ethereum investment products recorded $328 million in inflows during the week ending April 17.

This reinforces the narrative that whales and institutions view the recent ETH price rebound above $2,400 as a promising move that could open the way toward $3,000.

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

The pattern will resolve once the ETH/USD pair breaks above the triangle’s resistance line at $2,400. If this happens, the price could rise by as much as the maximum distance between the triangle’s trend lines.

That puts Ether’s breakout target at about $3,230, up by more than 41% from current price levels.

The relative strength index has increased to 54, from oversold conditions at 18 on Feb. 6, suggesting increasing upward momentum.

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

Above 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% ETH price rally. 

As Cointelegraph reported, ETH price closing above $2,400 resistance, puts it on the path for a recovery toward $2,800, then to $3,050 over the next few days or weeks.

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Source: CoinTelegraph