Whale Loads $300M on Ethereum at $3,700, Signs of a Bottom?
A large whale recently placed leveraged longs totaling $282 million in Ethereum on Hyperliquid, adding roughly $300 million of ETH at prices between $3,699 and $3,732. This aggressive on-chain bet underscores strong conviction that Ethereum’s recent pullback—where ETH dipped from highs near $4,800 to test support around $4,200—has found a floor. As Ethereum stabilizes above $4,200 after heavy volatility, technical indicators such as weekly moving averages point to a bullish structure. If Ethereum holds current support, traders anticipate a retest of the $4,800–$5,000 zone. Conversely, a drop below $4,000 could risk a deeper correction toward $3,600. Institutional interest in Ethereum continues to grow, with firms incorporating ETH into treasury strategies. This concentrated whale activity often sparks increased liquidity in derivatives markets and can act as a catalyst for renewed buying. In the coming days, Ethereum’s price action will hinge on whether bullish momentum can build around this on-chain signal to drive a fresh rally.
Bullish
This whale’s $300 million leveraged long on Ethereum at around $3,700 signals strong conviction that a market bottom may be in place. Historically, such large on-chain accumulation by whales often precedes bullish runs, as seen during previous ETH bottoms in 2020 and 2022. Technical support at $4,200–$4,300 held amidst recent volatility, reinforcing buyer confidence. The combination of stable support, healthy consolidation above key moving averages, and renewed institutional treasury allocations suggests bullish momentum could drive ETH to retest its $4,800–$5,000 range. In the short term, traders may see increased derivatives liquidity and sharper swings as the position unwinds or scales. Over the longer term, continued on-chain demand and large-scale accumulation often underpin sustained price appreciation.