Large Ethereum Investors Bet $426 Million on Rise to $4,000 #
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In recent days, there has been notable activity among large, experienced Ethereum investors. These so-called whales are massively betting on a significant price increase, even as the market is still recovering from a recent dip. Their strategy sends an important signal: they appear convinced that Ethereum is ready for a new upward movement, potentially towards the $4,000 mark.
Ethereum Whales Open Enormous Long Positions #
The Ethereum price is finally moving above $3,000 again, and this has brought the whales back into action. Several well-known whales have opened long positions totaling $426 million (€366 million). A long position is a bet on a rising price, often using borrowed funds to increase potential returns.
Lookonchain shares some examples. Investor BitcoinOG is betting $169 million on a rise in Ethereum. Anti-CZ is going even further with $194 million in long positions. A third whale, pension-usdt.eth, adds another $62.5 million.
Additionally, Arkham Intelligence discovered that one major player is long nearly $190 million through two accounts.
Their aggressive approach comes at a time when Ethereum technically looks stronger. The price is moving in an ascending pattern, a so-called ascending triangle, which often indicates a potential breakout.
A breakout above $3,250 could see the price shoot towards approximately $4,020, according to this analysis. At the same time, the path upward is not without obstacles, as there are several important resistance levels between $3,350 and $3,550.
A Historic Shortage Gives the Ethereum Price Extra Support #
The supply of Ethereum on exchanges has dropped to less than nine percent of the total coins, a record low according to Glassnode.
Analyst Milk Road finds this notable because a smaller supply often leads to stronger price movements once demand picks up.
Although the price recently fell, there are clear signs of buying power. Analyst Sykodelic sees this in the rising On-Balance Volume indicator, which points to increasing interest from buyers.
Combined with the large long positions of whales, this creates a market that is sensitive to a quick recovery as soon as more demand comes in.