Key Points:
Ethereum whales have opened a total of $426 million in leveraged long positions.
The ascending triangle target for Ethereum points to a price level of $4030.
According to Cointelegraph Markets Pro and TradingView data, the Ethereum/USD currency pair is reported at $3140, up 20% from the low of $2621 reached on November 21.
Holding steady above $3000, Ethereum provides some optimistic reasons ahead of several key volatility trigger points.
The Federal Reserve's interest rate cut decision is expected to be announced on Wednesday, December 10, with the market pricing in a 25 basis point cut.
As market participants await trigger factors, attention has turned to three well-performing "smart" whales. According to Lookonchain data, they have opened a total of 136,433 Ethereum long positions, valued at approximately $425.98 million.
One of the whales, BitcoinOG (1011short), has a long position of $169.48 million in Ethereum, while Anti-CZ's long exposure is $194 million.
The third whale, pension-usdt.eth, is long 20,000 Ethereum, valued at about $62.5 million at current prices.
Additionally, according to Arkham Intelligence, another whale "0xBADBB" is using two accounts to go long on a total of $189.5 million in Ethereum.
Smart whales are all unanimously going long on $ETH! #BitcoinOG(1011short), with $105M in total PNL, is long 54,277 $ETH ($169.48M). Anti-CZ whale, with $58.8M in total PNL, is long 62,156 $ETH ($194M). pension-usdt.eth, with $16.3M in total PNL, is long 20,000 $ETH ($62.5M).… pic.twitter.com/idHbyTePTv
The third whale, pension-usdt.eth, holds 20,000 ETH, valued at approximately $62.5 million at the current exchange rate.
In addition to these whales, Arkham Intelligence points out that another whale "0xBADBB" has opened a total of $189.5 million in ETH long positions using two accounts.
These actions align with BitMine's continued push for Ethereum. Last week, the company added $199 million in ETH, bringing its total holdings to 3.73 million ETH ($13.3 billion), solidifying its position as the largest corporate holder.
This reinforces the notion among whales and institutions that the recent rebound of ETH prices above $3000 is a good entry point.
The price action of Ethereum has formed a classic ascending triangle on the daily chart, as shown below. The breakout from the multi-month downtrend line on December 2 increased the likelihood of a sustained recovery.
Once the price breaks through the triangle's resistance line at $3250, the pattern will be resolved. If this occurs, the price could rise to the maximum distance between the triangle's trend lines.
This sets the breakout target for Ethereum at approximately $4020, over 28% higher than the current price level.
The Relative Strength Index has risen from an oversold state of 28 on November 28 to 50, indicating increased upward momentum.
However, the recovery may be hindered by the resistance zone between $3350 and $3550, where both the 50-day and 100-day SMAs are currently located. Additionally, the next major obstacle is the 200-day SMA at $3800.
Related: Coinbase states that Bitcoin (BTC) is expected to recover in December due to 'macro tailwinds' and the Federal Reserve's interest rate cut.
Original: “Ethereum (ETH) ‘Smart’ Whales Bet $426 Million Long, Price Chart Aiming for $4000”
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