Ethereum Whale Makes $44M Bet
According to AMBCrypto, an Ethereum whale returned to the market after seven months of inactivity to open a 25x long position on 18,587 ether valued at approximately $44.85 million. The substantial leveraged bet comes as Ethereum continues to face strong overhead resistance at the $2,500 price level.
Data cited by AMBCrypto indicates that Ethereum recently traded near $2,420 following a rejection at $2,567, consolidating within a range between $2,300 and $2,400. Market conditions have triggered significant liquidations for leveraged traders, with CoinGlass figures showing over $63.6 million in long positions wiped out compared to $12.6 million in shorts.
Despite the heightened liquidation risks, high net worth investors and exchange traders continue to demonstrate demand for long exposure. Long-to-short ratios on major platforms like Binance and OKX remain above one, pointing to continued derivatives demand that could influence short-term price action. Concurrently, technical indicators including the Relative Strength Index and the MACD have exhibited bearish crossovers, reflecting near-term market weakness as spot sellers continue to offload assets on exchanges.
Based on reporting by ambcrypto.com.
