Ethereum Well Opens $90M ETH Long Bet Amid 40% Price Rally Potential
An Ethereum whale has opened a significant long position in Ether (ETH) worth $90.8 million, in what appears to be a bold bet that the rally is not over for the top altcoin.
Main Receptors:
Ethereum Well has opened a long position worth a total of $90.8 million.
Ether's price chart has formed an ascending triangle targeting $3,230.
Top traders open new ETH long positions
Data from TradingView shows the ETH/USD pair trading at $2,280, or 32% higher than the February 6 low of $1,750.
Holding above $2,200, Ether offers some optimism ahead of key volatility triggers.
“Strong retail sales could lift yields and delay Fed cuts, while weak data fuels risk-on bets,” analyst Alphabet Inc said in a Monday X note, citing the week's main macro drivers.
“Federal Opinion and PMI data add signs of growth, but geopolitical risks remain a wildcard for sudden volatility.”
As market participants wait for further indicators, attention has turned to a remarkable story of a trader, who opened a long position in ETH worth $90.8 million, with 20x leverage.
Analyst Thanotepad another whale 0x6C851 opened a $61 million ETH long position with 20x leverage to enter at $2,303 on HyperLiquid.
These moves coincide with continued inflows into spot Ethereum ETFs, which recorded seven consecutive days of net inflows, totaling $426 million.
Meanwhile, global Ethereum investment products generated $328 million in revenue in the week ending April 17.
This reinforces the narrative that whales and institutions view ETH's break above $2,400 as a promising move towards $3,000.
Ether's ascending triangle targets the price of 3,200 ETH
As shown below, Ether's price action has formed a classic ascending triangle on the daily chart.
The pattern will resolve once the ETH/USD pair breaks the triangle resistance line at $2,400. If this happens, the price can increase with the maximum distance between the triangular trend lines.
That puts Ether's divergence target at $3,230, a more than 41% increase from current price levels.
The relative strength index rose to 54, from oversold conditions on February 6, indicating upward momentum.
However, the breakout could be reduced with resistance from the 2,350-$2,500 resistance zone marked by the 50-day EMA.
Beyond that, the next major hurdle is the 200-day EMA at $2,640.
Highlighting, analyst Micro2Macro said that a breakout from a multi-year ascending triangle could lead to a 60%-100% ETH price rally.
According to Cointelegraph, the price of ETH will close above the $2,400 resistance, putting it on a recovery path towards $2,800, then $3,050 in the next few days or weeks.
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