Key Points
- ETH has surged by 3% in the last 24 hours, now trading above $3,100.
- Whales are optimistic about short-term price increases.
Whales Open Bullish Positions on Ether
Ether, the second-largest cryptocurrency by market capitalization, has risen by 3% in the last 24 hours, currently trading above $3,100 per coin. This uptick comes as the broader cryptocurrency market recovers from a slight dip observed on Sunday.
Moreover, Ethereum whales are establishing long positions, showing their optimism for Ether’s price growth in the short and medium term. Many are hopeful for an increase driven by the upcoming Fed interest rate decision expected on Wednesday, where a 25 basis point reduction is anticipated.
Data from Lookonchain indicates that three whales have opened long positions totaling 136,433 ETH, valued at approximately $425.98 million.
One whale, BitcoinOG (1011 short), holds a long position of $169 million in ETH, while Anti-CZ has initiated another position worth $194 million. The third whale, pension-usdt.eth, has opened a long position of 20,000 ETH, valued at about $62.5 million at current rates.
In addition to these three, other investors are also entering long positions on Ether, many predicting that the cryptocurrency’s price could rise to $4,000 in the near term.
Furthermore, BitMine continues to add more Ether tokens to its treasury. Last week, the company acquired an additional $199 million in ETH, increasing its total holdings to 3.73 million ETH (approximately $13.3 billion), making it the largest holder of ETH.
Ether Could Surge to $4,000 Amid Growing Demand
The 4-hour ETH/USD chart has shifted into bullish territory with Ether recovering above the $3,100 mark at the time of publication. If this upward trend continues, ETH could climb above $4,100.
Momentum indicators are bullish, suggesting that buyers currently hold control. The RSI at 62 indicates that ETH is in bullish territory and may enter overbought conditions if the recovery persists. The MACD lines are also in positive territory, reinforcing the bullish outlook.
If the recovery continues, ETH could surpass the Thursday high of $3,240 with a decisive close, while the next resistance level at the 200-day EMA stands at $3,459. However, failing to breach the $3,240 resistance could lead Ether to fall below $3,000, retesting the November 21 low of $2,623.
John is a seasoned journalist at The Bothside News, specializing in balanced reporting across news, sports, business, and lifestyle. He believes in presenting multiple perspectives to help readers form informed opinions. His work embodies the publication’s philosophy that truth emerges from examining all sides of every story.
