Ethereum whales are making a significant move, opening large long positions on Ether valued at nearly $426 million, signaling confidence in a potential recovery and upward trend. The recent activity coincides with technical patterns suggesting a possible surge toward $4,000.
In a notable development, major Ethereum investors have collectively opened leveraged long positions totaling approximately $426 million. Data indicates that these whale traders are betting on an impressive bounce as Ether’s price holds above key support levels, despite recent volatility.
Current market data shows Ether trading around $3,140, a substantial rally from its November lows of $2,621. The recovery has attracted attention from institutional players and sophisticated traders, especially with the upcoming Federal Reserve rate decision expected to influence broader market sentiment. Markets predominantly price in a 25-basis-point rate cut on December 10, further supporting the bullish outlook.
Among these traders, a handful of “smart” whales have opened long positions on a total of 136,433 ETH, worth around $426 million. Notable among them are BitcoinOG, with an ETH long position of approximately $169 million, and Anti-CZ, holding close to $194 million in ETH. Another whale, pension-usdt.eth, has committed about $62.5 million worth of ETH. These moves reflect robust confidence in Ethereum’s potential rally.
Additional activity from Arkham Intelligence revealed that an account under the pseudonym “0xBADBB” is simultaneously accumulating ETH across two accounts, totaling roughly $189.5 million. This institutional-like activity underscores a growing interest in Ethereum among large-scale traders.
This surge in whale activity coincides with BitMine’s strategic expansion into Ethereum. Last week, the company acquired an additional $199 million worth of ETH, increasing its holdings to approximately 3.73 million ETH, valued at over $13 billion, making it the largest corporate holder of Ether.
Technical Outlook: $4,000 Target Emerging from Ascending Triangle
On the technical front, Ether’s price action has formed a clear ascending triangle pattern on the daily chart. The breakout above a multi-month downtrend line on December 2 has bolstered the case for a sustained recovery. Traders now watch for a breakout above resistance at $3,250. If the price closes above this level, the upward move could extend to around $4,020 – representing a potential 28% increase from current levels.
The Relative Strength Index has increased from oversold conditions to around 50, indicating growing upward momentum. Nevertheless, a resistance zone between $3,350 and $3,550, reinforced by the 50-day and 100-day moving averages, could temper further gains. The next critical hurdle beyond that is the 200-day SMA at approximately $3,800, which traders will monitor closely.
Market participants remain optimistic that Ethereum’s recent price pattern and institutional activity hint at a bullish trend, with the potential to challenge higher resistance levels in the near future. However, as with all trading decisions, investors should remain cautious and conduct thorough research.
