Key insights
- ETH has risen 3% in the past 24 hours and is trading above $3,100.
- Whales are positioning bullishly ahead of a short-term price rise.
Whales open bullish positions on Ether
Ether, the second-largest cryptocurrency by market capitalization, has climbed about 3% over the past day and is trading above $3,100 per coin. The move comes as the broader crypto market recovered from a modest dip on Sunday.
Large Ethereum holders, often called whales, are opening long positions, signaling confidence that Ether’s price will rise significantly in the near to mid term. Their optimism is partly driven by the upcoming Federal Reserve interest rate decision on Wednesday, where the central bank is widely expected to cut its policy rate by 25 basis points.
On-chain data from Lookonchain indicates three whales have opened long positions totaling 136,433 ETH, worth roughly $425.98 million at current prices.
One whale, identified as BitcoinOG (1011short), holds a long position valued at $169 million in ETH, while Anti-CZ opened another position worth $194 million. A third whale, pension-usdt.eth, added a long position of 20,000 ETH, approximately $62.5 million at today’s rate.
Beyond these three, additional whales have initiated long positions on Ether, with many forecasting the cryptocurrency could reach $4,000 in the short to medium term.
Meanwhile, BitMine continues to add Ether to its treasury. Last week the firm increased its holdings by about $199 million in ETH, bringing its total to approximately 3.73 million ETH (around $13.3 billion), making it the largest corporate holder of Ether.
Ether could push toward $4,000 as demand rises
The ETH/USD four-hour chart has turned decisively bullish as Ether reclaimed $3,100 at the close. ETH is trading above $3,100 and can extend gains if the upward trend remains intact.
Momentum indicators are favorable, suggesting buyers are in control. A 62 RSI signals positive momentum and leaves room to move into overbought territory if the rebound continues. MACD lines also sit in positive territory, reinforcing the bullish bias.
If the recovery continues, ETH could clear Thursday’s high near $3,240 with a strong close, with the next resistance around the 200-day EMA at $3,459. Conversely, failure to hold above $3,240 could see Ether drop below $3,000 and retest the November 21 low near $2,623.