Key Takeaways:
- Whale linked to BIT opens 16,000 ETH longs on Hyperliquid near $2,490
- ETH forms bull pennant targeting $2,840, about 13 percent upside
- Exchange ETH balances fell 18 percent since June as ETF inflows hit $192M
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Ethereum whale opens $20M long as ETH eyes $2,840 breakout
An Ethereum whale linked to OTC desk BIT deposited $26.83 million into Hyperliquid and opened 16,000 ETH in leveraged longs near $2,490, targeting a breakout toward $2,840.
On-chain analyst EmberCN reported the whale transferred $26.83 million in USDC to Hyperliquid through three newly created wallets, with two of them each opening 8,000 ETH longs near $2,490. The position uses Hyperliquid's 20x cross-margin setting, with an estimated liquidation price around $1,268, nearly 50 percent below the entry price.
The move follows a dramatic turnaround for the whale. Lookonchain previously reported that its large ETH and Bitcoin longs had fallen as much as $92.5 million into unrealized losses before recovering to a $27.9 million profit. The broader wallet cluster subsequently closed 120,000 ETH and 2,000 BTC positions for roughly $61.72 million in realized profit before returning to ETH this week.
ETH is trading around $2,494 as of 08:15 UTC, up about 34 percent from its recent low near $1,900. The four-hour chart is forming a bull pennant after the explosive rally, with price compressing near $2,500 while holding above its rising 20-period EMA at around $2,483. A decisive breakout above the pennant's upper trendline near $2,520-$2,540 could confirm bullish continuation toward roughly $2,840, representing about 13 percent upside from current levels. The four-hour RSI sits near 59, above the neutral 50 mark.
Derivatives data supports the bullish setup. Ethereum futures volume over the past 24 hours hit $47.99 billion, up 18.57 percent, while open interest rose 6.11 percent to $34.35 billion, according to Coinglass. Short liquidations reached $78.32 million versus $24.87 million in long liquidations, and the long/short ratio sits at 1.0982. U.S. spot Ethereum ETFs pulled in $192 million recently, with BlackRock's ETHA fund accounting for roughly $116 million of that total, per SoSoValue.
Exchange balances reinforce the picture. ETH holdings on centralized exchanges fell from roughly 7.69 million coins on June 3 to about 6.28 million on August 27, an approximately 18 percent decline, with another 275,000 ETH withdrawn after August 19. BTC exchange balances moved in the opposite direction, increasing about 0.25 percent over the same 12-week period.
Resistance sits at $2,550, with notable whale sell walls reported near $2,550 and $2,600. Support currently holds around $2,400. A weekly close above that level could open the door toward $2,823 and possibly $3,000 over time. On the downside, losing $2,400 in a decisive way would weaken the bullish setup, with $2,250 to $2,200 becoming the next support zone.
The daily RSI sits in overbought territory at 78.05, suggesting the rally may need to cool before another sustained move higher. A pullback toward $2,400 to $2,450 would not be unusual in that context, though traders view it as a healthy reset rather than a trend reversal as long as support levels hold.
This article is for informational purposes only and does not constitute investment advice.
