Ethereum whale opens $90M long bets as ETH price chart eyes $3.2K
TL;DR
An Ethereum whale has opened a long position worth $90.8 million, betting on further price increases for Ether. The price chart indicates a target of $3,230 for ETH.
Key points
- Ethereum whale opened a leveraged long position worth $90.8 million
- Ether price chart targets $3,230
- ETH/USD pair trading at $2,280, up 32% from $1,750 low
An Ethereum whale has opened a significant long position on Ether (ETH) worth $90.8 million, in what looks like a bold bet that the upside is not over for the top altcoin.
Key takeaways:
- Ethereum whale opened a leveraged long position totaling $90.8 million.
- Ether price chart’s ascending triangle targets $3,230.
Top traders open new ETH long positions
Data from TradingView showed the ETH/USD pair trading at $2,280, or 32% higher than the $1,750 low reached on Feb. 6.
Holding above $2,200, Ether offered some cause for optimism ahead of key volatility triggers.
“Strong retail sales could push yields higher and delay Fed cuts, while weak data would fuel risk-on bets,” analyst AlphaBTC said in a Monday post on X, referring to the main macro drivers this week, adding:
“Fed commentary and PMI data add growth signals, while geopolitical risks remain the wildcard catalyst for sudden volatility.”
As market participants waited for the next catalysts, attention has shifted to a trader with an impressive track record, who has opened a long position worth about $90.8 million in ETH, with 20x leverage.
Source: X/Ash Crypto
Analyst TAnotepad noted that another whale, 0x6C851, has opened a $61 million ETH long position at 20x leverage with entry around $2,303 on HyperLiquid.
Q&A
What is the significance of the $90.8 million long position on Ethereum?
The $90.8 million long position indicates strong confidence from a major investor in Ethereum's potential price increase.
What price target does the Ethereum price chart suggest?
The Ethereum price chart suggests a target of $3,230 for ETH based on its ascending triangle formation.
How much has the price of Ethereum increased recently?
Ethereum's price has increased by 32%, rising from a low of $1,750 to around $2,280.
