A major Ethereum whale has placed a roughly $90.8 million leveraged long in Ether (ETH), signaling confidence the recent upside could extend. The trade, taken at 20x leverage, comes as on-chain flows and technical setups point to further gains for the largest altcoin.
What happened
– A single trader opened a $90.8 million ETH long with 20x leverage, according to blockchain and exchange data. Another large account (address 0x6C851) reportedly opened a $61 million, 20x ETH long with an entry near $2,303 on HyperLiquid.
– ETH/USD traded near $2,280, about 32% above the Feb. 6 low of $1,750. Holding above $2,200 has encouraged cautious optimism among traders.
Macro and sentiment drivers
Analyst AlphaBTC highlighted upcoming retail sales, Federal Reserve commentary and PMI releases as near-term catalysts that could move yields and risk appetite. Strong retail data could push yields higher and delay Fed easing, weighing on risk assets; weaker readings could boost risk-on flows. Geopolitical developments also pose a risk of abrupt volatility.
Spot flows and institutional interest
Large leveraged longs coincide with steady inflows into spot Ethereum investment products. Spot ETH ETFs registered seven straight days of net inflows totaling about $426 million, while global Ethereum investment vehicles saw roughly $328 million in inflows for the week ending last Friday. Those flows have reinforced the view that some whales and institutions regard the rebound above $2,400 as meaningful and potentially a runway toward higher targets.
Technical picture: ascending triangle and targets
On the daily chart, Ether appears to be forming an ascending-triangle pattern. A clear breakout above the triangle’s resistance near $2,400 would imply a measured move to approximately $3,230 — about a 40–41% advance from current levels based on the triangle’s height.
Momentum has improved: the relative strength index recovered from oversold levels near 18 on Feb. 6 to around 54, indicating rising bullish momentum. Short-term resistance sits between $2,350 and $2,500, roughly aligned with the 50-day exponential moving average (EMA). The 200-day EMA near $2,640 is the next notable technical barrier.
Longer-term perspectives
Some analysts take a more bullish long-term view. Micro2Macr0 suggested that a breakout from a multi-year ascending triangle could fuel a much larger rally — on the order of 60%–100% — while Cointelegraph noted that a daily close above $2,400 could set ETH en route to $2,800 and potentially $3,050 in the days or weeks that follow.
Risks and outlook
Large, highly leveraged positions can amplify gains but also increase the chance of rapid liquidations if price reverses. Macro releases, Federal Reserve commentary and geopolitical events remain key near-term risk factors that could quickly change market sentiment. Traders and investors should be aware that leverage magnifies both profits and losses.
Disclaimer
This article is for informational purposes only and follows Cointelegraph’s Editorial Policy. It does not constitute investment advice or a recommendation. All trading and investment carry risk; readers should perform their own research before acting. Cointelegraph and the authors make no guarantees about the accuracy or completeness of the information and are not liable for any losses arising from reliance on it.