The recent price of Ethereum rise above $3,000 has motivated Ethereum smart whales to execute decisive bullish movements in the market. According to data revealed by on-chain analysis firm Lookonchain, three prominent institutional investors opened leveraged long positions, accumulating a total of 136,433 ETH, which amounts to an approximate figure of 426 million dollars.
Delving into the details of these massive operations, frenetic activity is observed from investors with proven profit track records. On one hand, the whale identified as BitcoinOG (1011short) has established a long position valued at 169 million dollars in ETH, demonstrating absolute confidence in the trend. Likewise, another entity known as Anti-CZ has exposed the market to an impressive 194 million dollars, while a third account, tagged as pension-usdt.eth, has bet 62.5 million dollars.
In addition to these movements, the Arkham Intelligence platform detected that another key player, 0xBADBB, is using two separate accounts to go long for a total of 189.5 million, adding more buying pressure. Thus, these actions coincide with BitMine’s strategy, which last week added 199 million dollars in ETH to its reserves, solidifying itself as the largest corporate holder of the asset with a total of 3.73 million tokens under management.
Will the whales’ momentum be able to overcome the technical barrier of 3,250 dollars?
The context of these investments is not coincidental, as it responds to a specific technical and macroeconomic setup. Technically, price action has formed a classic ascending triangle on the daily chart, a structure that generally precedes significant bullish continuations after breaking bearish trend lines. On the other hand, the market is awaiting the Federal Reserve’s decision, where traders have already priced in a rate cut of 25 basis points, which could inject additional liquidity into the system.
If we analyze the projections, the breakout of this technical pattern is crucial for the asset’s immediate future. Once the price manages to overcome the resistance of the triangle’s upper line at 3,250 dollars, the mathematical projection suggests a breakout target near 4,020 dollars, which would represent an increase of over 28% from current levels. However, the Relative Strength Index (RSI) has risen to 50, indicating that there is growing upward momentum that has not yet reached overbought territory in the cryptocurrencies sector.
To conclude, the current scenario presents a battle between institutional optimism and technical barriers. Although Ethereum smart whales have dictated a bullish verdict with their millions, the recovery could face obstacles in the 3,350 to 3,550 dollar zone, where simple moving averages converge. However, if buying volume is maintained, it is likely that we will see a direct challenge to the 3,800 dollar resistance in the short term.
