Ethereum whales are making a significant move by opening large long positions worth approximately $426 million in Ether, signaling confidence in a potential recovery and upward trend. Recent activity is consistent with technical patterns that suggest a surge to $4,000 is possible.
In a notable development, major Ethereum investors have opened leveraged long positions collectively worth approximately $426 million. Data indicates that whale traders are betting on an impressive rebound as Ether’s price remains above key support levels despite recent volatility.
Current market data shows that Ethereum is trading around $3,140, showing significant gains from its November low of $2,621. The recovery has captured the attention of institutional investors and sophisticated traders, especially as the upcoming Federal Reserve interest rate decision is expected to impact broader market sentiment. The market is mainly reflecting the 25 basis point interest rate cut on December 10th, further supporting the optimistic outlook.
Among these traders, a few “smart” whales opened long positions totaling 136,433 ETH, worth approximately $426 million. Notable among them are BitcoinOG, which holds an ETH long position of approximately $169 million, and Anti-CZ, which holds close to $194 million of ETH. Another whale, Pension-usdt.eth, has pledged about $62.5 million worth of ETH. This move reflects strong confidence in Ethereum’s potential upside.
Additional activity from Arkham Intelligence revealed that an account under the pseudonym “0xBADBB” was amassing approximately $189.5 million worth of ETH across two accounts simultaneously. This institutional activity highlights the growing interest in Ethereum among large 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, making it the largest corporate holder of Ethereum, worth more than $13 billion.
Technical outlook: $4,000 target upside in ascending triangle
On the technical side, Ether’s price action has formed a clear ascending triangle pattern on the daily chart. The breakout of a multi-month downward trendline on December 2nd increased the likelihood of a sustained recovery. Traders are now expected to push the price above the resistance level at $3,250. If the price closes above this level, the upside could extend to around $4,020, meaning a potential 28% increase from current levels.
The Relative Strength Index increases to around 50 in oversold conditions, indicating growing upward momentum. Nonetheless, the resistance zone between $3,350 and $3,550 strengthened by the 50-day and 100-day moving averages could temper further upside. The next important hurdle is the 200-day SMA around $3,800, which traders will be monitoring closely.
Market participants are optimistic that Ethereum’s recent price patterns and institutional activity suggest a bullish trend and that it is likely to challenge higher resistance levels in the near future. However, as with all trading decisions, investors should exercise caution and conduct thorough research.