Ethereum price forecast has reached $4K as whales showcase their narrative in the ETH futures market

The continuous rise of Ethereum has attracted the attention of major market players who have placed over $426 million long bets on ETH. This move is no coincidence—it’s part of a larger narrative that the price is ready to jump from $3,140 to higher levels.

Successful traders are accumulating ETH at strategic levels

In the current market environment, three established whales are simultaneously opening large long positions. BitcoinOG (1011short), a trader with $105 million in lifetime profit, is accumulating 54,277 ETH worth $169.48 million. Anti-CZ, with $58.8 million proven PNL, has longed 62,156 ETH valued at $194 million.

The third major player, pension-usdt.eth, holds a long position of 20,000 ETH ($62.5 million). Additionally, whale address 0xBADBB is using multiple accounts to long a total of $189.5 million worth of ETH on the blockchain.

The combined buying pressure from these traders reflects a conviction that the $3,000-$3,150 range is a prime entry point. The narrative here is clear: experienced players see an opportunity in Ethereum.

Corporate institutions are reinforcing bullish positions

Not only individual whales are accumulating. BitMine, a corporate ETH holder, added an additional $199 million worth of Ethereum last week, bringing total holdings to 3.73 million ETH ($13.3 billion). This institutional buying pressure creates a supporting narrative that established players are serious about the Ethereum rally.

Technical setup signals a potential $4K breakout

The daily chart of ETH/USD has formed a classic ascending triangle pattern. The price has made higher lows at $2,621 on Nov. 21, and the breakout from the multi-month downtrend line occurred on Tuesday.

The critical level for Ether to slow down is the $3,250 resistance line of the triangle. When a breakout happens, the geometric projection of the triangle targets approximately $4,020 ($4K area), representing a 28% upside from the current price.

The relative strength index has risen to the 50 level, moving away from oversold conditions at 28 on Nov. 28. This indicates recovering momentum. However, caution is advised near the intermediate resistance zone of $3,350-$3,550, where the 50-day and 100-day moving averages are positioned. Major support remains at the 200-day SMA at the $3,800 level.

Market catalysts are already on the radar

The Fed rate cut decision is scheduled for Wednesday, and market participants are pricing in a 25-basis-point cut. This development could provide additional fuel to risk assets like Ethereum. Combined with institutional buying and whale accumulation, the narrative for $4K move is building a solid foundation.

The question is no longer why whales are long on ETH—the real question is whether they can sustain this momentum up to the $4K level.