A major investor has opened a long position of $16.35 million in Ethereum, hoping for price recovery after a recent dip.
Long Position of $16.35 Million
Recently, an Ethereum whale opened an enormous long position valued at $16.35 million using 25x leverage. The position, entered at $4,229.83 per ETH, is already yielding a slight profit as ETH trades around $4,240. Such scale allows for substantial profit; even a 1% rise would result in over $163,000.
ETH Price Level Analysis
According to analysis sources, there is a cluster of short liquidations in the $4,300–$4,360 range. This indicates that the price might be attracted to these levels, which supports the whale's position. Ethereum is also holding firm above its 20-day exponential moving average, indicating support that's defining an uptrend.
Future Prospects for Ethereum
Analysts suggest that Ethereum could see further upside, targeting around $4,750, which represents nearly a 13% increase from current levels. However, closing below $4,140 could invalidate this opportunity. Additionally, the weekly chart indicates a confirmation of support, which may signify potential price growth to $8,000 if successful breakout occurs.
The opening of such a significant long position emphasizes the optimism of certain market participants regarding Ethereum's short-term and long-term prospects. However, market volatility necessitates caution.
