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Large holders of Ethereum, often referred to as "whales," have recently opened significant long positions, collectively valued at approximately $426 million. This substantial investment suggests a strong belief among these major players that the recent downturn in Ether's price may be over, with many eyeing a potential surge towards the $4,000 mark.
Key Takeaways
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Ethereum whales have initiated leveraged long positions totaling $426 million.
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Technical analysis indicates an ascending triangle pattern, targeting a price of $4,030 for ETH.
Major Players Make Bold Moves
Data reveals that several prominent "smart" whales, known for their successful trading strategies, have collectively opened long positions amounting to 136,433 ETH, worth around $425.98 million. Among these are BitcoinOG (1011short) with a $169 million ETH long position and Anti-CZ holding a $194 million exposure. A third whale, pension-usdt.eth, has also entered a long position of 20,000 ETH, valued at approximately $62.5 million.
These strategic moves by individual whales are complemented by institutional interest. Arkham Intelligence reported that another whale, "0xBADBB," is employing two accounts to establish a total long position of $189.5 million in ETH. Furthermore, BitMine has continued to increase its Ethereum holdings, adding $199 million last week. This brings their total ETH holdings to 3.73 million ETH, valued at $13.3 billion, solidifying their status as the largest corporate holder of Ether.
The influx of capital from both individual whales and institutions into Ethereum, particularly as the price rebounds above $3,000, reinforces the narrative that these market participants view the current levels as an attractive entry point.
Technical Indicators Point to $4,000 Target
Analysis of Ether's price action on the daily chart reveals the formation of a classic ascending triangle pattern. The recent break above the multi-month downtrend line on December 2nd has bolstered the prospects for a sustained recovery. This pattern is expected to resolve once the price successfully breaks through the triangle's resistance line, currently situated at $3,250.
Should this breakout occur, the technical target for Ether's price is estimated to be around $4,020, representing a potential increase of over 28% from current trading levels. The Relative Strength Index (RSI) has also shown positive movement, climbing to 50 from oversold conditions of 28 recorded on November 28th, indicating growing upward momentum.
However, potential resistance zones lie ahead. The $3,350-$3,550 range, where the 50-day and 100-day Simple Moving Averages (SMAs) currently converge, could pose a challenge. Beyond this, the 200-day SMA at $3,800 represents the next significant hurdle for the cryptocurrency.
Sources
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Ethereum ‘smart’ whales open $426M long bets as ETH price chart eyes $4K, mx.advfn.com.
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Ethereum ‘smart’ whales open $426M long bets as ETH price chart eyes $4K, FXStreet.
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