An Ethereum whale has made a significant move by opening a long position on Ether (ETH) valued at $90.8 million, signaling confidence in the altcoin's potential for further gains. According to Cointelegraph, this development comes as the ETH/USD pair trades at $2,280, marking a 32% increase from its low of $1,750 on February 6. The price holding above $2,200 offers optimism amid anticipated market volatility. Analyst AlphaBTC highlighted that strong retail sales could push yields higher, delaying Federal Reserve cuts, while weak data might encourage risk-on bets. Key macroeconomic factors, including Federal Reserve commentary and PMI data, are expected to influence market movements, with geopolitical risks adding potential volatility.
Market participants are closely watching a trader with a notable track record who has opened a $90.8 million long position in ETH with 20x leverage. Analyst TAnotepad also noted another whale, identified as 0x6C851, who has opened a $61 million ETH long position at 20x leverage with an entry point around $2,303 on HyperLiquid. These strategic moves align with continued inflows into spot Ethereum ETFs, which have seen net inflows of $426 million over seven consecutive days. Additionally, global Ethereum investment products recorded $328 million in inflows during the week ending April 17, reinforcing the view that whales and institutions see the recent ETH price rebound above $2,400 as a positive development that could pave the way toward $3,000.
Ether's price action has formed an ascending triangle pattern on the daily chart, with a potential breakout target of $3,230, representing a 41% increase from current levels. The pattern will resolve if the ETH/USD pair breaks above the triangle's resistance line at $2,400. However, resistance from the $2,350-$2,500 zone, marked by the 50-day exponential moving average (EMA), could pose a challenge. Beyond that, the 200-day EMA at $2,640 is the next significant hurdle. Analyst Micro2Macr0 suggested that a breakout from a multi-year ascending triangle could lead to a 60%-100% ETH price rally. As Cointelegraph reported, if ETH closes above the $2,400 resistance, it could set the stage for a recovery toward $2,800 and potentially $3,050 in the coming days or weeks.
Anais