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Ethereum(ETH) traded near $2,420, down 2.5% daily, after failing to clear $2,567, while a returning whale opened a $44.85 million leveraged long.
Key Points:
- A trader returned after seven months of inactivity to open a 25x long on 18,587 ETH, worth about $44.85 million.
- Long liquidations reached $63.6 million, while another whale deposited 103,252 ETH worth $253 million into multiple exchanges over the period.
- ETH remains below $2,500 resistance as RSI and MACD signals point to weaker short-term momentum near a key price barrier.
Ethereum Whale Bet
Lookonchain reported that trader 0x89da opened a 25x leveraged long covering 18,587 ETH, a position valued at about $44.85 million, after roughly seven months without trading activity. The leverage amplifies both gains and liquidation risk.
The move came as Ethereum struggled after its rejection near $2,567, with ETH trading around $2,420 and remaining largely confined between $2,300 and $2,400 as leveraged longs absorbed heavy losses.
Bullish positioning has not disappeared. CoinGlass data showed about $63.6 million in long liquidations against $12.6 million in shorts, while long-to-short ratios on Binance and OKX stayed above 1, with Binance at about 2.7.
ETH Market Signals
Spot-market flows pointed the other way. Lookonchain said another whale deposited 103,252 ETH, worth about $253 million, into several exchanges and still held 64,603 ETH valued near $155 million, raising the possibility of more selling pressure without proving a sale.
Momentum indicators on TradingView also weakened after the failed push higher. The Relative Strength Index fell to around 63 but remained above neutral territory, while the MACD formed a bearish crossover that pointed to softer short-term momentum.
That leaves Ethereum caught between leveraged demand and potential spot supply. A sustained bearish move could bring the $2,200 area back into focus, while renewed derivatives demand would still need to push ETH above $2,500 to challenge the resistance capping the latest advance.
Ethereum had already slowed after reaching $2,567, then settled into the $2,300 to $2,400 range as upside momentum faded. The latest whale activity therefore arrives during an existing consolidation period, rather than after a confirmed breakout from resistance.
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Source: yellow.com