Ethereum price forecast: Ether eyes $4k as whales open long positions

Key takeaways

• ETH is up 3% in the last 24 hours and is now trading above $3,100.
• Whales are optimistic of a price surge in the near term.

Whales open bullish positions on Ether

Ether, the second-largest cryptocurrency by market cap, is up 3% in the last 24 hours and is now trading above $3,100 per coin. The rally comes as the broader cryptocurrency market recovered from the slight dip on Sunday.

In addition to that, Ethereum whales are opening long positions as they are optimistic that Ether’s price will surge higher in the near to medium term. The whales are optimistic of a price surge thanks to the upcoming Fed rate decision on Wednesday, with the apex bank expected to reduce its borrowing benchmark by 25 basis points. 

Data obtained from Lookonchain reveals that three whales have opened long positions, totaling 136,433 ETH, worth about $425.98 million.

One whale, BitcoinOG (1011short), has a long position of $169 million in ETH, while Anti-CZ opened another position worth $194 million. The third whale, pension-usdt.eth, opened a long position of 20,000 ETH, worth approximately $62.5 million at current rates.

In addition to these three, other whales have also opened long positions on Ether, with many of them predicting that the cryptocurrency’s price could rally to $4k in the near to medium term. 

Furthermore, BitMine continues to add more Ether tokens to its treasury. Last week, the company added $199 million more ETH, bringing its total holdings to 3.73 million ETH ($13.3 billion), making it the largest corporate holder of ETH. 

Ether could surge to $4k amid growing demand

The ETH/USD 4-hour chart has flipped bullish and efficient as Ether has reclaimed the $3,100 mark at press time, ETYH is trading above $4,100, and could rally higher if the bullish trend continues.

The momentum indicators are bullish, suggesting that buyers are currently in control. The RSI of 62 shows that ETH is currently bullish and could enter the overbought region if the recovery continues. The MACD lines are also within the positive territory, reinforcing the bullish bias.

If the recovery continues, ETH could surge past Thursday’s high at $3,240 with a decisive close, with the next resistance level at the 200-day EMA at $3,459. However, failure to overcome the $3,240 resistance could see Ether drop below $3,000 and retest the November 21 low of $2,623.

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