#Gate13周年现场直击 Ethereum whale opens a $90 million long position, ETH price chart targets $3,200

ETH price rises to $2,400, prompting whales to establish large ETH long bets, while technical indicators suggest ETH could rebound to $3,000 in the short term. An Ethereum whale has established a substantial ETH (ETH) long position worth $90.8 million, which appears to be a bold bet that the rally of this leading altcoin is not over. Key point: Ethereum whales have opened a leveraged long position totaling $90.8 million. The ascending triangle target on the ETH price chart points to $3,230. Top traders are opening new ETH long positions TradingView data shows ETH/USD at $2,280, up 32% from the $1,750 low on February 6. After holding above $2,200, Ethereum offers some optimism before a key volatility trigger arrives. Analyst AlphaBTC stated in a Monday X post that when discussing major macro drivers this week: “Strong retail sales could push yields higher and delay Fed rate cuts, while weak data would fuel risk-on bets.” As market participants await the next catalyst, a highly successful trader has become the focus. This trader has opened an approximately $90.8 million ETH long position with 20x leverage. Source: X/Ash Crypto Analyst TAnotepad pointed out that another whale, 0x6C851, has opened a $61 million ETH long position at around $2,303 on HyperLiquid, also with 20x leverage. ETH whale position on HyperLiquid. Source: TAnotepad These moves align with ongoing inflows into spot Ethereum ETFs. Such products have recorded net inflows for seven consecutive days, totaling $426 million. Spot ETH fund flow chart. Source: SoSoValue Meanwhile, global Ethereum investment products saw $328 million in inflows over the week ending last Friday. This further reinforces the narrative that whales and institutions see potential in ETH’s recent rebound above $2,400, which could open the door to a push toward $3,000. Ethereum ascending triangle targets $3,200 ETH price As shown below, Ethereum’s price movement on the daily chart has formed a classic ascending triangle. Once the ETH/USD pair breaks above the $2,400 resistance line of the triangle, the pattern will be complete. If that happens, the price could rise by the maximum distance between the trendlines of the triangle. This means Ethereum’s breakout target is approximately $3,230, over 41% above the current level. ETH/USD daily chart. Source: Cointelegraph/TradingView The Relative Strength Index (RSI) has risen to 54, a significant rebound from the oversold state of 18 on February 6, indicating increasing upward momentum. However, the breakout could face resistance in the $2,350 to $2,500 zone, marked by the 50-day exponential moving average (EMA). Looking higher, the next major resistance is at $2,640, the 200-day EMA. From a longer-term perspective, analyst Micro2Macr0 states that if the ascending triangle formed over years is broken, ETH could see gains of 60% to 100%. ETH/USD weekly chart. Source: X/Micro2Macr0 As Cointelegraph reports, if ETH closes above the $2,400 resistance, it could rebound to $2,800 in the coming days or weeks, then further rise toward $3,050.