A significant Ethereum (ETH) whale, who previously realized a profit of $44.61 million over two months using leveraged positions, has dramatically increased its bullish bet. According to on-chain analyst ai_9684xtpa, the address added 12,000 ETH at an average price of $2,286.9, boosting its total long position to 30,000 ETH with a blended entry point of $2,288.3. This move, executed as ETH price bounced from a sharp pullback, has returned the position to an unrealized profit state, highlighting both rising conviction and risk in the derivatives market.
Concurrently, another major whale opened a colossal $90.8 million long position with 20x leverage, with a liquidation price noted at $1,392. This activity was reported by analyst Crypto Rover and underscores aggressive institutional and semi-institutional sentiment. A separate $61 million ETH long was also opened near $2,303 on the HyperLiquid exchange.
These leveraged bets arrive as Ethereum's technical chart paints a bullish picture. The daily chart shows an ascending triangle pattern, with a key resistance level near $2,400. A successful breakout above this level could target a move toward $3,230. The Relative Strength Index (RSI) has also recovered to 54 from a deeply oversold 18 in early February, indicating stronger momentum.
Fundamental support for ETH is bolstered by institutional accumulation. Bitmine Immersion Technologies has been aggressively buying, adding 101,627 ETH last week—its fastest pace since December 2025. As of April 19, 2026, the company holds 4,976,485 ETH, representing approximately 4.12% of the total supply, valued at $12.9 billion. Furthermore, spot Ethereum ETFs have seen seven consecutive days of net inflows, totaling $426 million, with global investment products attracting $328 million in the week ending April 17.
Bitmine Chairman Tom Lee commented on the trend, stating, "We see growing signs that the 'mini-crypto' winter is coming to an end." Market participants remain watchful of macro triggers, including Federal Reserve policy comments and economic data, which could influence risk appetite. The concentrated whale activity, while signaling bullish sentiment, also amplifies market risk, as large leveraged positions increase the potential for cascading liquidations during sharp downturns.
