Major Ethereum Investor Places $90M Leveraged Long as ETH Technical Analysis Points to $3.2K
As ETH price climbed to $2,400, major holders initiated substantial long positions, while chart patterns and technical signals point toward a potential rally to $3,000 in the near term.
A major Ethereum holder has initiated a substantial leveraged long position in Ether (ETH) valued at $90.8 million, signaling what appears to be a confident wager that the leading altcoin has additional upside potential ahead.
Key takeaways:
- Major Ethereum holder initiated a leveraged long position valued at $90.8 million.
- Technical chart pattern shows ascending triangle formation with $3,230 price target.
Major market participants establish fresh ETH long positions
Information from TradingView indicated the ETH/USD trading pair was positioned at $2,280, representing a 32% increase from the February 6 low of $1,750.
Maintaining support above the $2,200 level, Ether provided some basis for positive sentiment in advance of critical volatility catalysts.
"Robust retail sales figures could drive yields upward and postpone Federal Reserve rate reductions, whereas disappointing data would encourage risk-on positioning," stated analyst AlphaBTC in a Monday publication on X, discussing the primary macroeconomic factors for the week, further noting:
"Federal Reserve statements and Purchasing Managers' Index figures contribute growth indicators, while geopolitical uncertainties continue to represent the unpredictable element for abrupt market swings."
While market observers anticipated the upcoming catalysts, focus has turned to a trader possessing a notable performance history, who has established a long position valued at approximately $90.8 million in ETH, utilizing 20x leverage.
Market observer TAnotepad highlighted that an additional large holder, identified as 0x6C851, has established a $61 million ETH long position utilizing 20x leverage with an entry point near $2,303 on the HyperLiquid platform.
These position openings align with persistent capital movement into spot Ethereum ETFs, which have experienced net positive inflows across seven straight trading days, accumulating $426 million.
Additionally, worldwide Ethereum investment vehicles attracted $328 million in capital during the seven-day period concluding April 17.
This strengthens the argument that large holders and institutional participants interpret the recent ETH price recovery beyond $2,400 as an encouraging development that may pave the path toward the $3,000 threshold.
Ethereum's ascending triangle formation points to $3,200 ETH price level
Ether's recent price movement has developed a textbook ascending triangle configuration on the daily timeframe, as illustrated below.
The formation will complete when the ETH/USD trading pair surpasses the triangle's upper resistance boundary at $2,400. Should this occur, the asset could advance by an amount equivalent to the maximum vertical distance between the triangle's trendlines.
This calculation positions Ether's breakout objective at approximately $3,230, representing an increase of over 41% from present price points.
The relative strength index has climbed to 54, advancing from oversold territory at 18 on Feb. 6, indicating growing bullish momentum.
Nevertheless, the potential breakout may encounter obstacles from the $2,350-$2,500 resistance area, characterized by the 50-day exponential moving average (EMA).
Beyond that level, the subsequent significant obstacle is the 200-day EMA positioned at $2,640.
Taking a broader perspective, market analyst Micro2Macr0 suggested that a breakout from a multi-year ascending triangle formation could trigger a 60%-100% ETH price advance.
As previously covered by Cointelegraph, an ETH price close exceeding the $2,400 resistance level positions the cryptocurrency for a potential recovery movement toward $2,800, followed by a push to $3,050 throughout the coming days or weeks.