Ethereum Whales Have Opened Nearly Half a Billion Bets As ETH Nears $4k

Ethereum whales open nearly $426M in long positions as ETH holds above $3K, fueling bullish sentiment and a potential move toward $4K.

Ethereum gained more attention after several major holders opened huge long positions while the price held above $3,000. Recent data shows that these holders now control long positions worth more than $426 million.

ETH traded near $3,140 at the time of the reports, and this level sits roughly 20% above the late November low near $2,621.

Ethereum Whales Add Big Long Exposure

Data from Lookonchain showed three well-known whales who opened large positions on ETH. The group added 136,433 ETH, worth about $426 million.

One trader known as BitcoinOG (or 1011short) opened a long worth $169 million. Another whale called Anti-CZ opened a position worth $194 million, while the third wallet, named pension-usdt.eth added 20,000 ETH, worth about $62.5 million.

Arkham Intelligence tracked two more accounts linked to a whale known as 0xBADBB. Those accounts hold long exposure above $189.5 million. 

BitMine added more demand to the story. The company bought another $199 million worth of ETH last week. This raised its total holdings to 3.73 million ETH, worth $13.3 billion. That figure keeps BitMine at the top of the list of corporate ETH holders.

Many traders viewed these steps as signs that whales expect strength after ETH climbed back above $3,000.

Ethereum Charts Show a Clear Pattern Near $3,250 

Technical charts currently show an ascending triangle on the daily ETH pair. The pattern started to form after ETH broke above a long downtrend line earlier in the week. The setup now points toward a possible push toward $4,020 if the price closes above the $3,250 resistance line.

The target comes from the height of the triangle structure, and a break above the top of the pattern often leads to moves equal to the size of the base. To put things simply, Ethereum could be eyeing gains of up to 28% from recent levels.

 The relative strength index moved from oversold levels near 28 to about 50 while this happened. The sows stronger buyer interest, and traders are watching this area as the next test sits near the $3,350 to $3,550 range. 

Related Reading: Whale Bets $61M on ETH Price Surge

Analysts Track Multi-Year Accumulation Signals

Several analysts pointed to long-term charts that show a base forming near the $3,100 zone. Data from past cycles also shows that Ethereum often builds strength after long periods of sideways trading.

Crypto analyst Skyodelic recently noted repeated RSI patterns across five years of ETH price data. According to the analyst, each time the daily RSI moved from overbought to oversold and then broke above a downtrend, ETH later recorded gains between 45% and 111%. 

Those figures indicate that Ethereum could be eyeing possible ranges between $4,300 and $6,800 if similar conditions appear.

It is worth noting that the charts do not offer any guarantees. Still, the setup has been interesting to speculate on

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