Ethereum Whale Returns With $44M Bet as ETH Tests Resistance
An Ethereum whale has returned to the market after seven months of inactivity by opening a 25x leveraged long position on 18,587 ETH valued at $44.85 million, according to AMBCrypto. The large trade comes as Ethereum continues to face resistance near the $2,500 level, trading in a range between $2,300 and $2,400.
Data cited by AMBCrypto from CoinGlass indicates that over $63.6 million in long positions were liquidated recently, compared to just $12.6 million in short liquidations. Despite these market conditions and rising liquidation risks, derivatives traders on platforms like Binance and OKX maintain high long-to-short ratios, reflecting continued optimism among leveraged market participants.
At the same time, contrasting spot market activity has introduced selling pressure. On-chain data tracking shows a separate spot whale depositing over 103,000 ETH worth approximately $253 million into multiple exchanges, leaving a remaining balance of roughly 64,603 ETH in that specific wallet.
Technical indicators on the daily charts reflect shifting market momentum. Both the Relative Strength Index and the MACD have formed bearish crossovers, pointing to increased activity from sellers. Analysts note that if current downside pressure persists, Ethereum could retest support near the $2,200 level, while sustained buying interest in the derivatives market remains necessary for any potential push past the $2,500 resistance threshold.
Based on reporting by ambcrypto.com.
