Ethereum Whales Make Bold Long Bets Worth $426M as Price Eyes $4K

Ethereum whales bet on Ether price rise

Summary:
Recent activities from Ethereum whales indicate growing confidence in Ether, as they open leveraged long positions totaling approximately $426 million. This significant investment aligns with the bullish price target of around $4,030 for ETH, as it trades above crucial support levels.

Key Takeaways:

Ethereum whales have initiated long positions worth around $426 million.
Current price action suggests Ether could target $4,030 as its next price milestone.

New Long Positions from Top Traders

Data sourced from Cointelegraph Markets Pro and TradingView indicates that the ETH/USD trading pair is currently at $3,140, reflecting a 20% increase from its recent low of $2,621 reached on November 21. With Ether holding above the $3,000 mark, market sentiment has turned more positive ahead of upcoming volatility events.

The Federal Reserve is set to decide on a rate cut, with expectations for a 25-basis-point reduction. As traders anticipate these movements, attention has turned to three prominent whales with strong performance histories who have opened substantial long positions totaling 136,433 ETH—equating to about $425.98 million, according to Lookonchain's reports.

Among these, the whale known as BitcoinOG (1011short) holds a long position of approximately $169 million in ETH, while Anti-CZ has invested about $194 million. The breakdown is as follows:

BitcoinOG (1011short): Long position of 54,277 ETH ($169.48 million)
Anti-CZ: Long position of 62,156 ETH ($194 million)
pension-usdt.eth: Long position of 20,000 ETH ($62.5 million)

In addition to these major players, Arkham Intelligence has identified another whale, 0xBADBB, managing two accounts to go long on a total of $189.5 million worth of ETH.

Ethereum whale long positions
Source: Arkham Intelligence

These whale activities coincide with BitMine's commitment to Ethereum, as the company recently added $199 million in ETH to its holdings, solidifying its status as the largest corporate holder, with a total of 3.73 million ETH valued at $13.3 billion. This reflects a general sentiment among whales and institutions that the recent rebound in ETH prices above $3,000 presents an excellent entry point for investment.

Price Target for Ether: $4,000

The price movements of Ether have established a classic ascending triangle on its daily chart. A breakthrough above the long-term downtrend line, observed on Tuesday, enhances the likelihood of a sustained price recovery.

This pattern will resolve positively when Ether surpasses the triangle’s resistance level at $3,250. If this occurs, the projected price could reach approximately $4,020, representing an increase of over 28% from present price levels.

ETH/USD daily chart
Source: Cointelegraph/TradingView

The relative strength index (RSI) has also moved upward to 50 from an oversold reading of 28 on November 28, indicating growing upward momentum for Ether. However, potential resistance exists within the $3,350-$3,550 range, where the 50-day and 100-day simple moving averages (SMAs) currently reside. The next significant challenge for Ether will be the 200-day SMA positioned at $3,800.