An Ethereum whale has opened a leveraged long position worth $90.8 million, reviving market expectations for further gains in ether.

On April 20, blockchain media outlet Cointelegraph reported the position used 20-times leverage. It was interpreted as a directional bet that the recent rebound in ether is not yet over.

Ether is trading in the $2,320 range, about 32 percent above the $1,750 low recorded on Feb. 6. With ether holding above $2,200, the market is watching macro factors that could increase volatility this week, along with moves by large investors.

Crypto analyst AlphaBTC identified U.S. macro indicators as a key variable this week in a post on social media platform X, formerly Twitter. "If retail sales are strong, Treasury yields rise and the timing of Federal Reserve rate cuts could be delayed," he said. "Conversely, if the data are weak, risk-asset preference bets could gain strength," he said. It means short-term risk appetite could shift depending on the macro environment.

The whale buying was not limited to a single trade. Analyst TAnotepad pointed out that another wallet address, 0x6C851, opened an ether long position worth about $61 million on Hyperliquid. That position also used 20-times leverage, with an entry price presented at around $2,303.

Institutional flows are also pointing in the same direction. U.S. spot ether exchange-traded funds recorded net inflows for seven straight trading days, with cumulative inflows tallied at $426 million. In the week ended April 17, global ether investment products also posted inflows of $328 million. In the market, there is an observation that after ether recovered $2,400, whales and institutions are placing more weight on the possibility of additional gains.

Technical indicators are also supporting a short-term bullish scenario. On the daily chart, ether is forming a classic ascending triangle pattern, with key resistance presented at $2,400. If that level is broken, the pattern implies a target up to $3,230. That would leave room for an additional rise of more than 41 percent from the current price.

Momentum indicators have also improved. The relative strength index rose to 54 from 18, an oversold level on Feb. 6. It is a sign that buying has recovered. Still, resistance in the $2,350 to $2,500 range is a variable in the short term. That zone includes the 50-day exponential moving average, which could slow the pace of a breakout. Above that, the 200-day EMA around $2,640 is cited as the next resistance level.

On a longer time horizon, a further upside outlook has also been raised. Analyst Micro2Macro said ether could rise 60 percent to 100 percent if a breakout above the upper boundary of a multi-year ascending triangle occurs. In the short term, it is important whether ether can settle at a daily close above $2,400. If it moves above that zone, ether was presented as possibly entering a recovery path to $2,800 in the coming days or weeks, and then to $3,050.

Ultimately, the market’s focus is split in two. One is whether whale and institutional money is strong enough to extend the uptrend. The other is whether ether can move above the $2,400 and $2,500 resistance zones and confirm a breakout on charts. In this flow, ether is testing direction as short-term supply and demand, macro factors and ETF inflows interact.

This Week's Market Movers: Apr 20–24, 2026 The US consumer is the main macro driver this week. strong Retail Sales could push yields higher and delay Fed cuts, while weak data would fuel risk-on bets across equities and crypto. Fed commentary and PMI data add growth… pic.twitter.com/G3wdDSFIPn