In a surprising twist, Ethereum (ETH) refused to bow down despite an Ethereum whale’s attempt to thwart its upward trajectory. This daring move led to a captivating turn of events as the crypto giant proved its resilience once again.
According to the latest report from Lookonchain on 3rd July, an Ethereum whale defied market sentiment by taking a short position on ETH. What makes this even more intriguing is that this is not the first time the whale has employed such a risky strategy. Despite being previously liquidated due to a price surge, the investor bravely shorted ETH again.
However, after enduring substantial losses, the whale ultimately chose to cut their losses and close the short position, resulting in a staggering loss of over $1.88 million. The investor had initiated the short position on 15th June, steadily increasing it as the cryptocurrency’s price climbed.
A closer look at Ethereum’s daily price movements reveals an unyielding uptrend since the influential whale took a short position. While occasional setbacks temporarily interrupted the climb, the dominant trend remained bullish.
Since the end of June until now, ETH has experienced an impressive 4% surge in value. It currently hovers around $1963.1, with an additional 1% increase as of writing.
Furthermore, Ethereum continues to demonstrate characteristics of a bullish market. The Relative Strength Index (RSI) remains above 60, indicating strong buying momentum. Moreover, the Moving Average Convergence Divergence (MACD) maintains a positive trend above zero. These indicators solidify the prevailing positive sentiment surrounding Ethereum, bolstering the ongoing bull trend.
Data from Coinglass suggests a positive funding rate for Ethereum, further validating its potential for value growth. This positive funding rate has also been consistently observed across various exchanges, indicating market confidence in ETH’s future prospects.
A deeper analysis of Coinglass data unveils a significant discrepancy between liquidated short and long positions within the past 24 hours. Short positions worth over $4 million have been liquidated, surpassing the liquidation value of long positions, which stood at approximately $912,000. Similar trends were witnessed on 2nd July, with short positions leading in liquidation value.
Ethereum’s triumph over the challenges posed by the daring whale shorting has only further solidified its position as a force to be reckoned with in the crypto market. With an unwavering bullish sentiment, ETH surpasses expectations, confidently maintaining its price in the $1,900 zone.