Recent fluctuations in Ethereum’s price have led to significant consequences for traders. Reports indicate substantial losses and increased activity among large Ethereum holders.
ETH Drops Below $3,700
Ethereum has recently encountered a drop below the $3,700 mark, testing support at $3,647.99. Market data shows that a breakdown below this level could lead to further declines to $3,507.83 or even $3,313.19. Observers note that this situation creates a high risk of forced liquidation for traders.
Analysis of Trader Positions
AguilaTrades recently turned over $8 million in losses into a profit of $3 million. However, the sharp price drop erased those gains, leading to current losses of $27 million. AguilaTrades closed its short positions and opened long positions, resulting in sharp fluctuations in profits and losses.
Increased Activity of Ethereum Whales
Despite short-term challenges, whale activity has increased by 4%. In the past week, the number of wallets holding over 10,000 ETH has risen, indicating growing interest from large investors in Ethereum. Meanwhile, the number of Bitcoin wallets holding over 1,000 BTC has decreased, hinting at changing preferences among large traders.
In the current market conditions, pressures are mounting and despite short-term fluctuations, there is a growing interest in Ethereum among large holders. It is important to monitor developments, as changes in trader positions may lead to further market movements.
