Ethereum ‘smart’ whales open $426M long bets as ETH price chart eyes $4K

Ethereum whales, including three identified as 'smart' traders with strong track records, have collectively opened leveraged long positions totaling approximately $425.98 million in ETH. This significant capital inflow suggests a belief that the recent price downside is over, coinciding with ETH trading above $3,000 ahead of a potential Federal Reserve rate cut. Technically, the ETH/USD chart shows an ascending triangle pattern, which, if the price breaks above the $3,250 resistance, targets a rally toward $4,020. However, upward momentum faces hurdles at the $3,350–$3,550 resistance zone, where key Simple Moving Averages (SMAs) reside, with the 200-day SMA at $3,800 being the next major challenge.

(Source：Cointelegraph)