Ethereum whale opens $16.3M long as ETH price eyes bounce

Key takeaways:

• ETH price has a short liquidation cluster “magnet” at $4,300–$4,360.
• Ether price technicals support the case for a rally toward $4,750–$8,000.

An Ethereum whale has opened a massive $16.35 million long position on Ether (ETH), using 25x leverage, in what looks like a bold wager that the latest dip is over.

1% price ETH gain equals $163,000 in profit

The position, entered at $4,229.83 per ETH, is already slightly in profit with ETH trading just above $4,240. At this scale, a mere 1% rise from the entry would add over $163,000 in profit.

Ethereum’s leveraged bet screenshot. Source: CryptoRover

Fresh liquidation heatmaps support the timing of the whale’s entry.

Data from Kingfisher shows a dense cluster of short liquidations above $4,300–$4,360, with a particularly large pocket near $4,336. Markets are often drawn toward such liquidity “magnets” as market makers hunt stops.

Ethereum liquidation map. Source: Kingfisher

Strategically, this means ETH doesn’t need a full-blown breakout to validate the whale’s trade. A simple push into the $4,336 liquidity pool could generate multimillion-dollar paper gains.

The whale’s position could be up by nearly $450,000 in unrealized profit if ETH hits that level.

Related: SharpLink purchases $667M in Ether at near record prices

On the flip side, a 4.34% drop to around $4,046 would completely liquidate the trade, erasing the margin behind the position.

Did Ether find a local bottom?

Ether is also holding firm above its 20-day exponential moving average (20-day EMA; the green wave), a support that has guided the uptrend since July, barring a brief breakdown last month.

ETH/USD daily price chart. Source: TradingView

The level now aligns with the lower boundary of a developing falling wedge pattern on the daily chart, a classic bullish reversal setup. This confluence of support strengthens the case for the whale’s $16.35 million long bet.

ETH could eye an upside target around $4,750, nearly 13% higher from current levels, if the wedge and 20-day EMA fractal play out. A close below $4,140, however, risks invalidating the setup.

Zooming out to the weekly chart, ETH is staging what some analysts call one of the “obvious weekly retests” in years.

ETH/USD weekly price chart. Source: TradingView/DIY Investing

DIY Investing notes that Ethereum has flipped its “biggest resistance” around the $3,900-4,000 area into support, adding:

“$ETH to $8k once this retest holds.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.