Key Points
- ETH rose about 3% in the past 24 hours and is currently trading above $3,100.
- Whales are optimistic and have opened bullish positions expecting a potential price surge.
Whales Open Bullish Positions on Ether
Ethereum, the second-largest cryptocurrency by market capitalization, climbed roughly 3% over the past 24 hours and is trading above $3,100 per coin. This gain comes as the broader crypto market rebounded from a slight pullback on Sunday.
Several Ethereum whales have opened long positions, reflecting optimism that ETH could rally sharply in the near to medium term. Investors are also encouraged by expectations that the Federal Reserve, which will announce a rate decision on Wednesday, may lower borrowing costs by 25 basis points, fueling bullish sentiment.
Data from Lookonchain shows three whales have opened long positions totaling 136,433 ETH, equivalent to approximately $425.98 million.
Among them, BitcoinOG (1011short) holds a long position in ETH worth about $169 million, while Anti-CZ has opened a position valued at approximately $194 million. The third whale, pension-usdt.eth, initiated a 20,000 ETH long position worth roughly $62.5 million at current rates.
Beyond these three, additional whales have entered long positions on Ether, and many market participants now expect the cryptocurrency could rise toward $4,000 in the near to medium term.
Institutional accumulation continues as well: BitMine has added more ETH to its balance sheet. Last week the firm increased its holdings by about $199 million in ETH, bringing its total to 3.73 million ETH (around $13.3 billion), making it one of the largest corporate holders of Ether.
Rising Demand Could Push Ether Toward $4,000
The 4-hour ETH/USD chart shows a clean, bullish reversal, with Ether reclaiming the $3,100 area at the time of writing. ETH is trading above $3,100 and could move higher if the bullish trend remains intact.
Momentum indicators are signaling bullish control, with buyers currently in charge. The RSI sits near 62, indicating strength and suggesting that continued recovery could eventually push the asset into overbought territory. The MACD line is also in positive territory, reinforcing the bullish bias.
If the recovery continues, ETH could decisively break above Thursday’s high near $3,240 and target the next resistance at the 200-day EMA around $3,459. Conversely, failure to overcome the $3,240 resistance could see Ether slip below $3,000 and retest the November 21 low near $2,623.