Ethereum Whale Makes $90M Leveraged Bet As ETH Chart Targets a $3.2K Rise

TLDR

• An Ethereum whale opened a $90.8 million long position with 20x leverage.
• ETH traded near $2,305 after briefly rising above $2,400.
• Spot Ethereum ETFs posted $426 million in net inflows over seven days.
• Bitmine held 4,976,485 ETH as of April 19, 2026.
• An ascending triangle on the daily chart points to a $3,230 target.

Ethereum traded near $2,305 on April 20 after slipping from recent highs above $2,400. Even so, fresh whale activity and steady ETF inflows kept attention on the asset. A $90.8 million leveraged long position added to the bullish setup, while technical charts pointed to a possible move toward $3,230.

Whale activity lifts focus on Ethereum

A large Ethereum whale opened a long position worth about $90.8 million with 20x leverage. The trade drew market attention because it came as ETH held above the $2,200 level. Another whale also opened a $61 million ETH long position near $2,303 on HyperLiquid.

These trades arrived as traders watched for new macro triggers. Market participants remained focused on Fed comments, retail sales data, and PMI readings. Geopolitical risks also stayed in view after recent tension around Iran and shipping routes.

Analyst AlphaBTC said, ”Strong retail sales could push yields higher and delay Fed cuts, while weak data would fuel risk-on bets.” That view reflected the market’s mixed mood. Traders saw room for gains, but they also remained alert to fast reversals.

ETH was about 32% above its February 6 low near $1,750. That recovery improved sentiment, and it encouraged more risk-taking. Still, price action near $2,400 remained important for the next move.

Chart pattern points to possible $3,230 target

Ethereum’s daily chart formed an ascending triangle, a pattern traders often watch for breakouts. The key resistance level stood near $2,400. If ETH breaks above that line, the chart target sits near $3,230.

The relative strength index also improved and rose to 54 from 18 on February 6. That move showed stronger momentum after deeply oversold conditions. However, ETH still faced resistance between $2,350 and $2,500.

The 50-day EMA stood inside that resistance zone, while the 200-day EMA was near $2,640. Those levels may slow any rally in the near term. Even so, some analysts still see a path toward $2,800 and then $3,050 if $2,400 breaks.

Analyst said a larger multi-year triangle could support a much bigger move. That view remains conditional on a clear breakout. For now, the daily chart keeps $3,230 in focus.

Bitmine buying and ETF inflows add support

Institutional demand also stayed in focus as Bitmine Immersion Technologies expanded its Ethereum holdings. The company added 101,627 ETH last week, its fastest pace since December 15, 2025. As of April 19, 2026, Bitmine held 4,976,485 ETH, or 4.12% of total supply.

Its portfolio was valued at $12.9 billion and included cash, Bitcoin, and equity stakes. The company has used a dip-buying strategy and kept adding ETH without selling other assets. That approach has placed it among the largest corporate Ethereum holders.

At the same time, spot Ethereum ETFs recorded seven straight days of net inflows totaling $426 million. Global Ethereum investment products also posted $328 million in inflows in the week ending April 17. These flows added support as more institutions returned to the market.

Bitmine Chairman Tom Lee said, ”We see growing signs that the ‘mini-crypto’ winter is coming to an end.” For now, traders are watching whether ETH can hold above $2,200 and retest $2,400. A break lower could expose $2,000 and then $1,800.

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