Important points
- ETH has risen 3% in the past 24 hours and is currently trading above $3,100.
- Whales are optimistic about short-term price increases.
Whale opens bullish position in Ether
Ether, the second-largest cryptocurrency by market capitalization, has risen 3% in the past 24 hours and is currently trading above $3,100 per coin. The rally came as the overall cryptocurrency market recovered from a slight decline on Sunday.
In addition, Ethereum whales are optimistic that the price of Ether will skyrocket in the short to medium term and are opening long positions. Whales are optimistic that prices will rise due to the Fed’s rate decision scheduled for Wednesday, with apex banks expected to lower borrowing standards by 25 basis points.
Data obtained from Lookonchain revealed that three whales opened long positions totaling 136,433 ETH, worth approximately $425.98 million.
One of the whales, BitcoinOG (1011short), has a long position of $169 million in ETH, while anti-CZ opened another position worth $194 million. The third whale, pension-usdt.eth, opened a long position of 20,000 ETH, worth approximately $62.5 million at current rates.
In addition to these three companies, other whales have also opened long positions in Ether, with many predicting that the cryptocurrency’s price could rise to $4,000 in the short to medium term.
Additionally, BitMine continues to add more Ether tokens to its treasury. The company added another $199 million in ETH last week, bringing its total holdings to 3.73 million ETH ($13.3 billion), making it the largest ETH holder.
Ether could soar to $4,000 as demand increases
The ETH/USD 4-hour chart shows a bullish and efficient reversal with Ether reclaiming the $3,100 level and ETYH trading above $4,100 at the time of writing, with the potential for further upside if the bullish trend continues.
Momentum indicators are bullish, suggesting that buyers are currently in control. An RSI of 62 indicates that ETH is currently bullish and could enter overbought territory if the recovery continues. The MACD line is also within positive territory, reinforcing the bullish bias.
If this recovery continues, ETH could surge above Thursday’s high of $3,240 and reach a definitive close, with the next resistance level at the 200-day EMA at $3,459. However, if the resistance at $3,240 cannot be overcome, Ether could fall below $3,000 and retest the November 21 low of $2,623.
