A prominent whale known for early market calls just opened a $40 million long on Ethereum near $2,800 support. This bold position highlights a pivotal moment where ETH could see significant price action.
Ethereum faces a critical juncture as a major whale shifts $40 million into a long position, betting on the crypto giant's rebound near the $2,800 support level.
This decisive move by a renowned trader known as the "Hyperunit" whale has reignited market attention as Ethereum tests a key price zone that historically determines its next major trend.
The $10 billion Hyperunit whale, famous for making $200 million by shorting before the October 10 market crash, has returned with a leveraged $44.5 million long position on Ethereum.
The trader's activity was confirmed by Arkham Intelligence through their X account, which revealed the whale moved $10 million to Hyperliquid and quickly expanded the bet while already showing more than $300,000 in unrealized gains within the first hour.
Ethereum at a Pivotal Support
Ethereum (ETH) is currently hovering around its $2,800 technical support, a level that has served as both resistance and strong support throughout this market cycle.
According to trader DaanCrypto on X, this price point is crucial for bulls to defend to maintain positive momentum. The market sentiment is tentative as ETH candles linger just above this line, with traders closely watching to see if Ethereum can hold this support or break below it, which has often led to deeper declines historically.
This $2,800 level aligns with important technical factors such as Fibonacci retracement, previous resistance turned support, and value area highs, making it a critical battleground for buyers and sellers.
Sustained movement above this zone could pave the way for new highs, while a failure to hold it risks turning it into resistance and deeper pullbacks.
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Aggressive Bets Signal Possible Major Move
The whale's aggressive entry reflects broader market dynamics where high-leverage positions are shaping intraday momentum.
The Hyperunit whale’s latest exposure is notable not only for its size but because it was placed at a moment when Ethereum tests critical support, signaling confidence from an entity managing multibillion-dollar balances across multiple networks.
The whale previously rotated vast amounts of Bitcoin into Ethereum, which further demonstrates conviction in ETH's medium-term upside potential.
This movement arrives amid ongoing volatility and recent ETF-related selloffs by institutional holders, which had pressured Ethereum below $4,100 earlier in the year.
The whale’s sizable long bet contrasts with these outflows, indicating possible renewed bullish interest from large-scale traders aiming to capitalize on the current support level.
Market participants will be monitoring Ethereum closely to see if this fresh leveraged position and critical support test lead to a breakout or a deeper correction.
The whale’s move adds a layer of significance to ETH’s price action, underscoring how a major trade at key technical levels can influence broader market sentiment.
Related reading: BTC Digital Bets Big—Swaps All Bitcoin for Ethereum in Radical Shift
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$40M Whale Longs Ethereum at $2.8K Support
A $40M whale flips long as Ethereum clings to $2.8K support, signaling a potential major move. Critical levels test bulls' strength.