Ethereum whale opens $11M leveraged bet amid ETH price’s 30% rise potential

Key takeaways:

• An Ethereum whale opened a $11.15M leveraged long position just as ETH broke out of a bull flag.

• ETH’s price surged above $2,850, pushing the whale’s trade into a $366K unrealized profit.

• Ethereum options skew turned sharply negative, indicating growing bullish trader positioning.

A high-stakes Ether (ETH) long trade is making waves just as the cryptocurrency breaks out of a key technical pattern, fueling expectations of a 30% price rally toward $3,670.

$11M leveraged ETH long signals bullish sentiment

On June 10, an Ethereum whale opened a $11.15 million long position on ETH with 25x leverage, amounting to a 4,000 ETH bet placed at an entry price of $2,758.35.

Ether price climbed to around $2,850 on June 11, driven higher by hopes that the Federal Reserve would cut interest rates following the cooling inflation data.

The ETH price rise sent the whale’s position into a deeper profit territory. At current levels, the whale is sitting on an unrealized gain of approximately $366,600.

The position carries a liquidation price of $2,466, offering a relatively tight margin for error but also underscoring high conviction in the upside move.

Ethereum options data: traders are short-term bullish

Ethereum’s options market has turned decisively optimistic in the past 48 hours.

The 25-delta skew, which measures the difference in pricing between bullish calls and bearish puts, has shifted sharply lower since June 9.

The 1-week skew dropped from -2.4% to -7.0%, while the 1-month skew declined from -5.6% to -6.1%, according to Glassnode data.

Such a deepening negative skew reflects rising demand for short-dated call options, suggesting that traders are increasingly positioning for near-term upside.

Ethereum bull flag breakout raises 30% rally potential

ETH’s price has surged more than 100% over the past two months, driven primarily by Ethereum’s Pectra upgrade in early May and its core foundation’s restructuring in early June.

On June 9, Ether broke above what appears to be a bull flag pattern, followed by a continued increase in prices and volumes.

The breakout and rising trading volume indicate strong trader conviction that ETH price could rally toward the bull flag target of approximately $3,670, up 30% from current levels by June’s end.

Related: Ethereum network growth, spot ETH ETF inflows and price gains lure new investors

Many analysts, including Standard Chartered, are further eyeing an ETH price move toward $4,000 in 2025. Some fractal analyses, with one related to gold, even predict the cryptocurrency to hit $5,000-6,000 in the coming months.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.