An Ethereum whale has placed a bold $11.15 million leveraged bet on $ETH , signaling strong confidence in the asset’s short-term upside as technical and market indicators align in its favor.
The high-stakes trade was opened on June 10 at an entry price of $2,758.35 using 25x leverage, equivalent to a 4,000 ETH long position. With Ethereum’s price climbing to around $2,850 by June 11, the whale’s position currently sits on an unrealized gain of roughly $366,000, according to blockchain data shared by analyst Ted Pillows.
The timing coincides with Ethereum breaking out of a bullish flag pattern — a continuation signal that suggests the potential for a further 30% rally toward $3,670 by the end of June.
Market Positioning Turns Bullish
Data from Glassnode shows Ethereum’s 25-delta skew — a key metric reflecting trader sentiment — has turned sharply negative over the last 48 hours. The 1-week skew dropped from -2.4% to -7.0%, while the 1-month skew moved from -5.6% to -6.1%. A deeper negative skew typically signals rising demand for bullish call options, pointing to heightened expectations of price appreciation.
Fundamentals Reinforce Technical Setup
Ethereum’s price has more than doubled over the past two months, fueled by optimism around the Pectra upgrade and a major restructuring within the Ethereum Foundation. This week’s breakout above the flag pattern — supported by growing trading volume — suggests momentum could continue building.
Analysts at Standard Chartered are projecting a move toward $4,000 in 2025, while more aggressive technical forecasts even place ETH between $5,000 and $6,000 in the months ahead, echoing fractal patterns seen in gold’s price history.
With macro tailwinds such as easing inflation and potential Fed rate cuts adding fuel, Ethereum bulls appear to be tightening their grip — and at least one whale is all in.
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