Ethereum Whale Opens $20M Long as ETH Price Eyes 10% Pump

Ethereum Whale Opens $20M Long as ETH Price Eyes 10% Pump | FXEmpire
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Ethereum Whale Opens $20M Long as ETH Price Eyes 10% Pump

By: Yashu Gola
Published: Aug 28, 2026, 12:15 GMT+00:00

Key Points:

• A BIT-linked Ethereum whale has built an 8,000 ETH long worth nearly $20 million after recovering from a $92.5 million drawdown.
• The broader wallet cluster may be building an even larger ETH bet, with multiple fresh wallets opening similar leveraged positions near $2,490.
• ETH’s four-hour bull pennant points to a potential breakout toward $2,840 if price clears the $2,520-$2,540 resistance area.

An Ethereum whale linked to OTC crypto desk BIT, formerly Matrixport, opened a roughly $20 million bet on Ether’s (ETH) potential price rise.

ETH Whale Increases Long Exposure

The trader initially deposited $10 million in USDC into a newly created Hyperliquid wallet before opening a leveraged ETH long. Lookonchain first spotted the position at 7,000 ETH, with the whale subsequently adding another 1,000 ETH.

The wallet now holds 8,000 ETH at an average entry price of about $2,491.58, according to data tracker Hypurrscan. The position is worth approximately $19.97 million and is sitting on an estimated $42,000 in unrealized profit before funding costs and trading fees.

The trade uses Hyperliquid’s 20x cross-margin setting, although the whale’s effective account-level leverage is considerably lower because nearly $10 million in USDC remains as collateral.

Its estimated liquidation price sits around $1,268, nearly 50% below the entry price.

The position may be part of a much larger ETH trade.

On-chain analyst EmberCN reported that the whale transferred $26.83 million in USDC to Hyperliquid through three newly created wallets, with two of them each opening 8,000 ETH longs near $2,490.

The latest trade follows a dramatic turnaround for the whale.

Lookonchain previously reported that its large ETH and <a href="https://xpertsstudio.com/bitcoin-and-cathie-wood-are-partying-like-its-2021-again-chart-of-the-day/” title=”Bitcoin and Cathie Wood are partying like it’s 2021 again: Chart of the Day”>Bitcoin longs had fallen as much as $92.5 million into unrealized losses before eventually recovering to a $27.9 million profit.

Other on-chain estimates suggest the broader wallet cluster subsequently closed 120,000 ETH and 2,000 BTC positions for roughly $61.72 million in realized profit before returning to ETH this week.

Ethereum Bull Pennant Targets $2,840

Ethereum’s four-hour chart is forming a bull pennant after its explosive rally from roughly $1,900 to above $2,500. The pattern reflects a period of tightening consolidation following a strong upside move and typically resolves in the direction of the preceding trend.

ETH is currently compressing near $2,500 while holding above its rising 20-period EMA at around $2,483.

A decisive breakout above the pennant’s upper trendline, near the $2,520-$2,540 area, could confirm bullish continuation toward roughly $2,840, representing an upside of about 13% from current levels.

Momentum remains constructive, with the four-hour RSI near 59 and still above the neutral 50 mark.

Conversely, a break below the pennant’s rising support could weaken the setup and expose ETH to a pullback toward its 50-period EMA near $2,396.

About the Author

Yashu GolaSenior Cryptocurrencies Analyst

Yashu Gola is a crypto journalist and analyst with expertise in digital assets, blockchain, and macroeconomics. He provides in-depth market analysis, technical chart patterns, and insights on global economic impacts. His work bridges traditional finance and crypto, offering actionable advice and educational content. Passionate about blockchain’s role in finance, he studies behavioral finance to predict memecoin trends.

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