An Ethereum whale has opened a leveraged long position in Ether (ETH) worth about $90.8 million, signaling confidence that the recent upside for the leading altcoin may continue.
Key takeaways:
– A whale initiated a $90.8 million ETH long with 20x leverage.
– Ether’s ascending-triangle setup targets roughly $3,230.
Top traders open new ETH long positions
TradingView data showed ETH/USD trading near $2,280, roughly 32% above the $1,750 low on Feb. 6. Holding above $2,200 has given traders cautious optimism ahead of several potential volatility drivers.
Analyst AlphaBTC noted that upcoming retail sales, Fed commentary and PMI data could sway yields and risk appetite — strong retail data could lift yields and delay Fed cuts, while weak data could spur risk-on flows. Geopolitical developments remain a potential source of abrupt volatility.
Market watchers flagged a trader with a strong track record who placed roughly $90.8 million into a 20x leveraged long on ETH. Analyst TAnotepad also reported another whale, address 0x6C851, opened a $61 million ETH long at 20x leverage with an entry near $2,303 on HyperLiquid.
These large positions arrive alongside steady inflows into spot Ethereum ETFs, which logged seven consecutive days of net inflows totaling $426 million. Global Ethereum investment products recorded $328 million in inflows for the week ending last Friday, reinforcing the view that whales and institutions see the rebound above $2,400 as meaningful and potentially opening a path toward $3,000.
Ether’s ascending triangle targets $3,200
On the daily chart, Ether appears to have formed an ascending triangle. A decisive break above the triangle’s resistance at about $2,400 would project a measured move to roughly $3,230 — about a 41% gain from current levels — based on the maximum triangle height.
Momentum indicators have shifted upward: the relative strength index climbed to around 54 from oversold readings near 18 on Feb. 6, suggesting increasing bullish momentum. Short-term resistance sits in the $2,350–$2,500 band, aligned with the 50-day exponential moving average (EMA). Beyond that, the 200-day EMA near $2,640 represents the next significant hurdle.
On a longer timeframe, analyst Micro2Macr0 argued that a breakout from a multi-year ascending triangle could spur a 60%–100% rally in ETH. Cointelegraph coverage noted that a daily close above $2,400 would set ETH on a path toward $2,800 and possibly $3,050 over the coming days or weeks.
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