An Ethereum whale has made a significant move by opening a $90.8 million long position on Ether (ETH), signaling confidence in the altcoin’s potential for further gains. This position, leveraged at 20x, comes as ETH trades around $2,280, marking a 32% increase from its February low of $1,750. Analysts are eyeing an ascending triangle formation on the price chart, with a breakout target of approximately $3,230 if ETH can surpass the $2,400 resistance level.
The recent surge in long positions from both whales and institutional investors aligns with a broader trend of inflows into Ethereum investment products, totaling $328 million in the past week. Market participants are particularly focused on upcoming macroeconomic data and Federal Reserve commentary, which could influence risk sentiment and ETH’s trajectory.
For traders, the key takeaway is that a successful breakout above $2,400 could pave the way for a significant rally in ETH, potentially reaching levels between $2,800 and $3,050 in the near term.
Source: cointelegraph.com