Ethereum, $3,200 is a matter of time?...Whales complete 20x leverage bets

▲ Ethereum (ETH), cryptocurrency whale/ChatGPT generated image

Ethereum (ETH) has embarked on a full-fledged upward rally towards the $3,200 mark, driven by whale buying of $90 million in leveraged positions and a strong influx of institutional funds.

Cryptocurrency specialized media Cointelegraph reported in a video uploaded on April 20 (local time) that an Ethereum whale had built a long position worth approximately $90.8 million using 20x leverage. Analyst TA Notepad also analyzed that another whale, 0x6C851, opened an Ethereum buying position worth $61 million with 20x leverage on Hyperliquid. This large-scale capital inflow indicates that major market participants are making strong bets on the possibility of further price increases for Ethereum. The aggressive moves by whales come as the price of Ethereum maintains the $2,280 level, an increase of approximately 32% from its lowest point of $1,750 recorded in February.

Technical indicators support the scenario of further price increases for Ethereum. A typical ascending triangle pattern formed on the daily chart indicates that a strong breakout will occur if Ethereum breaks through the $2,400 resistance level. If the upper resistance line of this pattern is breached, the technical target price will be adjusted upwards to $3,230, which is more than 41% higher than the current price. Analysts predict that if Ethereum firmly establishes itself above $2,400, a path will open to reach $2,800 and then $3,050 in a short period. The ascending triangle pattern is a strong trend reversal signal that appears as buying forces gradually accumulate strength and raise the lows.

The flow of funds from institutional investors also strengthens the bullish case for Ethereum. In the week leading up to April 17, global Ethereum investment products recorded a net inflow of approximately $328 million. This suggests that institutional investors view the recent price rebound not as a temporary phenomenon but as the beginning of a long-term recovery. As funds flow into various institutional financial products, including Ethereum spot ETFs, market liquidity is trending to become even more abundant. Institutions are looking to the point where Ethereum settles above the $2,400 level as an opportunity for a full-scale increase in their holdings.

As the technical development of the Ethereum ecosystem and its institutionalization intertwine, the market's fundamental structure is also improving. With the widespread perception that Ethereum is relatively undervalued compared to Bitcoin (BTC), large capital is rapidly flowing into Ethereum. In particular, the whale who invested $90.8 million has a history of generating profits through accurate market predictions in the past, making this buying spree even more noteworthy. Ethereum holders are assessing the timing of reaching the next target price of $3,230 by checking the whales' accumulation price and the support of key moving averages.

Ethereum's future trajectory depends on whether it breaks through the $2,400 resistance level. If buying pressure is not sustained and the support line breaks, volatility may temporarily increase, but current on-chain indicators and institutional fund flows point to a higher probability of upside. Ethereum is leading capital inflows based on its unique position as a smart contract platform, beyond being just the leading altcoin. The target price of $3,230 is expected to be an important milestone for Ethereum to once again recover its peak value.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*