Whales Bet on ETH: Over $426 Million in Long Positions as Ether Price Heads to $4,000

Whales Bet on ETH: Over $426 Million in Long Positions as Ether Price Heads to $4,000

Ethereum whales are showing their strength again. They recently opened massive long positions worth over $426 million, indicating that they believe in further growth in the price of Ether. ETH is currently trading around $3,159, and technical analysis suggests that it could soon head towards the $4,000 mark.

Key Events and Outlook:

Ethereum whales have opened 136,433 long positions in ETH, representing an investment of almost $427 million. This bold bet signals that the decline is likely behind us.

Technical indicators, including the ascending triangle on the daily chart, suggest the potential for a breakout to around $4,020 – more than 28% higher than today’s price. If it can break through the $3,250 resistance, Ether could reach this target.

Whales and Institutions Believe in Growth

Data shows that the biggest players, including whales and institutional investors, believe in further strengthening of Ether. For example, one of the whales named BitcoinOG holds ETH worth $169 million, another Anti-CZ owns ETH worth almost $194 million, and a third pension-usdt.eth has a long position of $62.5 million.

In addition, BitMine recently added another $199 million in ETH, increasing its stake to $13.3 billion and solidifying itself as one of the largest holders of Ether.

What else does technical analysis reveal?

The Ether price chart is forming an ascending triangle, which experts say could signal an imminent breakout towards $4,000. The Relative Strength Index (RSI) has risen to 50, signaling increasing momentum, while resistance zones around $3,350-3,550 and the 200-day SMA at $3,800 represent potential obstacles to the upside.

Given the growing whale interest and technical signals, it is possible that Ether will soon break through the current level and head towards a target value of around $4,000.

*This is not an investment recommendation.

The Coingarage Team