Key Takeaways:
- Two whales opened $53.49 million in opposing ETH positions — one short, one long
- ETH failed to hold $1,800, dropping to $1,773 before stabilizing near $1,780
- Derivatives data shows bearish lean but upside momentum remains stronger
Geri
Ethereum whales open $53.5M in opposing positions as battle heats up
Ethereum fell 1.26% to $1,780 after two whales opened $53.49 million in opposing leveraged positions, data from Lookonchain shows.
One trader opened a 20x short on 30,000 ETH worth $53.49 million, while another opened a 10x long on the same amount, according to the on-chain monitoring platform. The short trader is already up $846,400 on the position, while the long trader is down $823,100 as ETH continues to trade below the $1,800 resistance level.
Both traders have strong track records. The short trader previously made over $444,000 trading other coins. The long trader has closed eight trades with six wins, totaling $3.1 million in profit. Despite the whale activity, derivatives market participants remain bearish — the Taker Buy Sell Ratio fell to 0.946, its lowest in two weeks, indicating more sell-side trades were executed. Futures netflows confirm the trend, with $88 million exiting positions over the past 12 hours and nearly $200 million over the past eight hours, according to CoinGlass.
Ethereum's directional momentum shows some stability despite the selling pressure. The ADX with SMA indicator shows the positive directional index above the negative index, suggesting upside momentum is currently stronger. If the battle persists, capital flows could help ETH reclaim $1,800, setting up a potential move higher. However, if the downtrend continues and liquidates long positions, ETH could slip below $1,700.
The simultaneous opening of two opposing positions of equal size highlights extreme uncertainty in the market. Whichever side gets liquidated could trigger cascading price movements, making the next 24 to 48 hours critical for ETH's near-term direction.
This article is for informational purposes only and does not constitute investment advice.
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