An Ethereum whale has opened a $90.8 million long position on Ether (ETH), a significant bet on the token’s upward momentum as technical patterns suggest a potential rally to $3,230. The move comes as ETH traded 32 percent higher than its February 6 low of $1,750, holding above the key $2,200 level.
The large leveraged trade was highlighted by crypto analyst Ash Crypto and coincides with another whale opening a $61 million ETH long position on the HyperLiquid exchange, according to analyst TAnotepad. These large positions signal a growing conviction among major holders, reinforced by seven consecutive days of net inflows into spot Ethereum ETFs, which have totaled $426 million, according to SoSoValue data.
The accumulation by large players is supported by a bullish technical setup on Ether’s daily chart. The price has formed an ascending triangle, a pattern that would resolve if the price breaks above the $2,400 resistance. A successful breakout would target a 41 percent rally to approximately $3,230. The relative strength index has also climbed to 54 from an oversold level of 18, indicating strengthening upward momentum.
This confluence of large-scale accumulation and a bullish chart pattern suggests that major market participants are positioning for a significant price appreciation in the near term. While immediate resistance lies at the 50-day exponential moving average around $2,350 and the 200-day EMA at $2,640, a sustained break above these levels could validate the high-conviction trades and propel ETH toward the $3,000 mark.
This article is for informational purposes only and does not constitute investment advice.
