Ethereum whales have opened large leveraged long positions on Ether — totaling $425.98 million — signaling a strong bet that the recent downturn may have run its course.
Key takeaways:
- Ethereum whales have opened $426 million in leveraged long positions.
- Ether’s ascending triangle pattern points toward a potential $4,030 price target.
Top traders open fresh ETH long positions
ETH/USD traded around $3,140, roughly 20% above its Nov. 21 low of $2,621, according to Cointelegraph Markets Pro and TradingView. With Ether holding above the $3,000 level, traders see renewed signs of strength ahead of major volatility catalysts.
Markets are now focused on the Federal Reserve’s Dec. 10 rate decision, where a 25-basis-point cut is widely expected.
While traders wait, attention has turned to three “smart” whales with strong historical performance. These whales have collectively opened 136,433 ETH in long positions—worth approximately $425.98 million, per Lookonchain data.
Among them, BitcoinOG (1011short) holds a $169 million ETH long, while Anti-CZ has built up $194 million in long exposure.
A third major trader, pension-usdt.eth, has taken a long position of 20,000 ETH, valued at roughly $62.5 million at current prices.
Beyond these positions, Arkham Intelligence highlighted another whale, “0xBADBB,” who is going long through two separate accounts, accumulating a combined $189.5 million in ETH exposure.
These whale positions come as BitMine continues to ramp up its Ethereum exposure. The company added another $199 million in ETH last week, bringing its total holdings to 3.73 million ETH (worth $13.3 billion) and solidifying its status as the largest corporate ETH holder.
Together, these moves suggest that whales and institutions view Ether’s rebound above $3,000 as an attractive entry point.
Ether’s ascending channel points to a $4,000 target
ETH’s daily chart has formed a classic ascending triangle, and the Dec. 2 break above the multi-month downtrend line has strengthened expectations for a continued recovery.
A confirmed breakout above the triangle’s $3,250 resistance would validate the pattern. If that occurs, ETH could climb by the height of the triangle, putting the breakout target near $4,020—about a 28% gain from current levels.
The relative strength index (RSI) has climbed to 50, up from oversold levels near 28 on Nov. 28, signaling strengthening bullish momentum.
Still, Ether’s rebound may face headwinds. The first major barrier lies in the $3,350–$3,550 resistance zone, where both the 50-day and 100-day SMAs converge. Above that, the next significant obstacle is the 200-day SMA at $3,800.
