Recent developments in the cryptocurrency market highlight a significant change as a large Ethereum holder has increased its long position to 86,845 ETH. This information has captured the attention of analysts and traders.
Whale Long Position Expansion
An unidentified Ethereum whale has expanded its leveraged long position to 86,845 ETH, making it one of the largest open trades on the market. According to data shared by Crypto Rover, the position is valued at approximately $297.7 million.
The trading dashboard shows that this position is higher at $397.8 million, reflecting real-time market pricing. The position is operating on 15x leverage, with an entry near $4,608 per ETH. Current market pricing near $4,580 has left the whale at an unrealized loss of around $2.4 million.
Technical Chart Analysis
On the weekly Ethereum chart, analysts have identified a broadening megaphone pattern, often considered a bullish formation. The structure connects a series of higher highs and higher lows over the past two years, with widening swings between pivot points.
The most recent move has seen ETH break above the upper boundary of this pattern. CryptoGoos described it as a *"bullish megaphone"* and noted that *"$8,000 is on the table"* if the setup plays out. The measured target of this pattern suggests an 80% upside from current prices near $4,580 to the $7,900–$8,000 range.
Current Market Conditions
Ethereum is currently trading at $4,565.68, showing a 1% decline over the past 24 hours. On a weekly timeframe, ETH remains up 6%, supported by a trading volume of $34.19 billion.
The chart suggests that ETH may retest the breakout line before moving higher. Analysts continue to monitor whether support can hold, as this would keep the bullish megaphone setup valid and allow momentum to build towards higher price targets.
The whale's position increase and the current state of the Ethereum market provide significant insights for investors and traders. Chart analysis points to the potential for further growth of the crypto asset.
