Ethereum bullish channel targets $4,000 as "smart" whales gather strength

The Ethereum market is showing positive signs as the ETH price remains firmly above $3,000, especially in the context of major foreign investors actively building long positions. According to data from Arkham Intelligence and Lookonchain, three “smart” whales with excellent trading histories have just deployed a massive long ETH strategy, with a total value of $425.98 million.

The “wisest” whales agree on building long positions on Ethereum

These top traders are not ordinary players. BitcoinOG (1011short), with an accumulated profit and loss history of $105 million, has longed 54,277 ETH worth $169.48 million. Anti-CZ, another trader with an accumulated profit of $58.8 million, has built a long position of 62,156 ETH valued at $194 million. The whale pension-usdt.eth also joined the game with 20,000 ETH ($62.5 million) in hand.

In addition to these whales, Arkham Intelligence has discovered that address 0xBADBB is using two accounts to hold a total long position of $189.5 million in ETH. The consensus among these experienced traders that the long trend is confirmed reflects their belief that the recovery from $2,621 (on the November 21 bottom) has begun a sustainable bullish cycle.

BitMine continues to strengthen its Ethereum holdings

The whales’ moves are supported by the accumulation behavior of large organizations. Last week, BitMine added another $199 million worth of ETH, increasing its total holdings to 3.73 million ETH (equivalent to $13.3 billion), confirming its position as the largest Ethereum holder in the world. The combination of smart whale capital flows and large organizations creates a strong signal of Ethereum’s potential recovery.

Bullish ascending triangle price chart points to $4,020 target

From a technical perspective, ETH has formed a classic ascending triangle pattern on the daily timeframe. The price broke above a multi-month descending trendline last Tuesday, marking a significant turning point. If Ethereum continues to rise and breaks the resistance level of $3,250, this pattern will be fully confirmed.

Based on the classic triangle length calculation, the breakout price target is set around $4,020, representing a 28% increase from the current level. According to updated data, Ethereum is currently trading at $3,110 with a 0.03% increase in 24 hours, indicating that the price is consolidating at support levels within the triangle.

Supporting factors and obstacles to watch

The RSI (Relative Strength Index) has recovered from an oversold level of 28 on November 28 to 50, signaling that bullish momentum is gradually picking up. However, the upward path is not entirely smooth. The resistance zone of $3,350–$3,550, where the 50-day and 100-day SMAs are currently converging, will be the next test.

Breaking through this zone, the next and final obstacle before reaching the $4,020 target is the 200-day SMA at $3,800. The Federal Reserve’s expected interest rate cut decision on Wednesday could also significantly impact price action, creating market volatility in the near future.