Ethereum whales opened leveraged long positions totaling $426 million as the cryptocurrency held above $3,000 ahead of a Federal Reserve rate decision expected this week.
Three prominent traders with proven track records established positions on 136,433 ETH, according to blockchain analytics platform Lookonchain.
The moves signal renewed confidence in Ethereum's near-term prospects as technical indicators suggest potential upside toward $4,000.
ETH traded at $3,157 on Sunday, up roughly 20% from its November 21 low of $2,621.
The Federal Reserve meets December 9-10, with markets pricing an 87% probability of a 25-basis-point rate cut.
What Happened
Trader BitcoinOG established a long position worth $169 million in ETH.
Another whale known as Anti-CZ opened $194 million in leveraged exposure.
A third address, pension-usdt.eth, went long 20,000 ETH valued at approximately $62.5 million.
Blockchain intelligence firm Arkham noted that an additional whale using two accounts deployed $189.5 million in long positions.
The accumulation coincides with BitMine Immersion Technologies purchasing $199 million worth of Ethereum over 48 hours.
BitMine now holds 3.73 million ETH worth $11.3 billion, representing 3.08% of total supply.
The firm ranks as the world's largest corporate Ethereum holder.
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Why It Matters
Ethereum's price action has formed an ascending triangle on the daily chart.
The pattern targets $4,030 if ETH breaks above resistance at $3,250.
That represents potential upside of 28% from current levels.
However, the rally faces potential obstacles at the $3,350-$3,550 zone where the 50-day and 100-day simple moving averages currently sit.
The relative strength index climbed to 50 from oversold conditions at 28 on November 28, suggesting increasing upward momentum.
Whale positioning reflects conviction that recent weakness created attractive entry points.
The timing ahead of the Fed decision suggests traders anticipate accommodative monetary policy will support risk assets.
Improved liquidity conditions could provide tailwinds for Ethereum if the central bank proceeds with expected rate cuts.
Despite whale accumulation, Ethereum ETFs recorded $75.2 million in outflows on Friday.
Monthly ETF outflows reached $1.4 billion in November, reflecting cautious institutional sentiment.
The contrast between aggressive whale positioning and weak ETF flows highlights divergent short-term and long-term outlooks for ETH.
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