Ethereum Whale Opens $16.3M Long Position on ETH Price Rebound

Ethereum (ETH) continues to trade near key support levels, and now a major whale has entered a $16.35 million long position using 25x leverage — a bold move suggesting confidence in a near-term rebound.

The position, opened at $4,229.83 per ETH, is already slightly in profit. Just a 1% increase could earn the trader $163,000. According to heatmap data from Kingfisher, there’s a dense short liquidation cluster between $4,300 and $4,360, which often acts as a “magnet” for price movement.

If ETH hits $4,336, the whale could be sitting on nearly $450,000 in unrealized gains. But there’s risk: a 4.34% drop to $4,046 would completely liquidate the trade.

Technicals support the long case. ETH remains above its 20-day EMA and is forming a falling wedge pattern, which is historically a bullish signal. If confirmed, ETH could aim for $4,750 and even $8,000 longer-term.

Weekly charts show ETH has flipped $3,900–$4,000 from resistance to support, with analysts suggesting that this key level could launch the next big move:

“$ETH to $8K once this retest holds.”