$ETH Analysis: Due to the increasing buying pressure from BitMine and the whales, is Ethereum about to enter a new bullish trend?
Ethereum is attracting significant bullish interest from whales, indicating strong market conviction. On the decentralized exchange platform Hyperliquid, several large companies are taking massive long positions in ETH worth hundreds of millions of dollars. Data from Lookonchain shows that BitcoinOG (1011short) holds long positions in ETH valued at $155.7 million after closing a $14 million position with a profit of $305,000. Other whales, such as Anti-CZ and pension-usdt.eth, maintain long positions in ETH worth $194 million and $62.5 million, respectively. Arkham Intelligence also revealed that a whale at address 0xBADBB used two accounts to open long positions in ETH totaling nearly $189.55 million, highlighting the growing bullish momentum.
Despite a recent wave of liquidation that eliminated $113.6 million in futures contracts in 24 hours, short positions accounted for $64.6 million, indicating a weakening of bearish pressure according to Coinglass. Technically, ETH remains above the support of $3,100 and the 20-day EMA, although selling pressure remains around $3,250, a key resistance since November.
A decisive breakout above $3250 could drive ETH towards the 50-day EMA and challenge the $3470 zone near the 200-day EMA, a critical barrier in the medium term. Conversely, a drop below the psychological level of $3000 could trigger a fall to the support of $2800. Momentum indicators show that the RSI remains close to the neutral position at 50 and that the Stochastic Oscillator is nearing overbought territory, suggesting a bullish consolidation. A confirmed bullish crossover in both indicators could trigger a stronger upward movement in the short term.
The activity of whales, the weakening of short positions, and technical signals collectively point to a sustained bullish potential for ETH in the short term.
