Ethereum (ETH) Price Surges 41% as Whales Deploy $150M in Leveraged Positions

Key Highlights

• Major Ethereum investor initiated a $90.8M leveraged position using 20x leverage on ETH
• Another large trader established a $61M position at $2,303 through HyperLiquid with 20x leverage
• Ethereum spot ETFs have seen continuous net inflows for seven consecutive sessions, accumulating $426M
• BitMine acquired an additional 101,627 ETH in the past week, pushing total reserves to 4.97 million ETH
• Technical analysis reveals an ascending triangle formation with potential upside to $3,230

Ethereum is currently hovering near $2,310 following a retreat from the $2,400 mark reached during the weekend session. The asset has demonstrated impressive strength with gains exceeding 7% across the previous month and a remarkable 41% recovery from the February bottom of $1,750.

Market observers have taken note of two substantial ETH positions recently established. A prominent whale initiated a $90.8 million leveraged long using 20x margin. Additionally, analyst TAnotepad identified another significant player, identified by wallet address 0x6C851, who entered a $61 million ETH position with 20x leverage at an entry price around $2,303 via the HyperLiquid platform.

The cryptocurrency Fear and Greed Index has undergone a dramatic transformation, climbing from 5 (representing Extreme Fear) just two months prior to its current reading of 54. This shift places overall market sentiment squarely in neutral zone.

Exchange-Traded Fund Inflows Reach Multi-Week Peak

Ethereum spot exchange-traded funds have registered positive net inflows across seven consecutive trading sessions, accumulating $426 million throughout this period. The weekly figure reached $275.83 million, marking the strongest performance since January, based on data from SoSoValue.

Worldwide cryptocurrency exchange-traded product inflows totaled $1.4 billion during the previous week, representing the highest level since January, according to CoinShares data. James Butterfill, the firm’s Head of Research, attributed this surge to enhanced risk appetite stemming from US-Iran ceasefire negotiations and Bitcoin’s decisive move past the $76,000 threshold.

BitMine Expands Ethereum Reserves to 4.97 Million ETH

Corporate treasury entity BitMine Immersion Technologies purchased 101,627 ETH throughout the previous week, representing its most substantial weekly acquisition since mid-December. This transaction elevates the company’s aggregate holdings to 4.97 million ETH, currently valued at approximately $11.44 billion.

Thomas Lee, serving as BitMine Chairman, expressed his view that the cryptocurrency bear market is approaching its conclusion. He highlighted that ETH has outpaced the S&P 500 by 2,280 basis points since conflict began. Lee further observed that historical crypto bear markets have aligned with equity market corrections of no less than 20%, whereas the present equity decline measures only 8%.

BitMine has also disclosed that it maintains 3.33 million ETH in staking positions, producing $221 million in projected annual staking returns.

Ethereum’s daily price chart displays an ascending triangle technical formation. A successful breach above the $2,400 resistance level would establish a projected target of $3,230, representing a potential appreciation exceeding 41% from present values. The Relative Strength Index currently registers near 55, while the Stochastic Oscillator reads approximately 61.

Critical support levels are positioned at the 20-day exponential moving average around $2,252 and the 50-day exponential moving average at $2,211. Ethereum futures contracts experienced $144.4 million in liquidations over the preceding 24-hour period, with $101.1 million stemming from long positions.

Market participants are closely monitoring $2,300 as the crucial short-term support threshold, while $2,400 represents the immediate resistance barrier requiring a breakout.

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