Ethereum is showing a 7.3% increase in the last 24 hours, approaching its all-time high. Meanwhile, large short positions are facing substantial losses, while retail traders remain wary.
Ethereum Price Surge
Ethereum has increased by 7.3%, reaching a price of $4,618.95 and narrowing the gap to its all-time high of $4,891 set in November 2021 to just 6.4%. Market capitalization rose to $557.54 billion, and daily trading volume surged by 41.38% to $64.27 billion, indicating increased liquidity and market participation.
Losses from Large Short Positions
According to Onchain Lens data, hedge fund Abraxas Capital holds short positions in BTC, ETH, SOL, HYPE, and SUI across two wallets. These positions are now facing a combined unrealized loss of $244.78 million, with $188.7 million related to ETH alone. The bullish market momentum has sharply eroded the value of these short bets.
Market Sentiment
Despite the rally, large holders have been selling into the strength. The entity known as '7 Siblings' sold 19,461 ETH worth $88.2 million. Retail sentiment remains skeptical, with fear and disbelief dominating, even though historically prices have risen during such low retail confidence periods.
With large players offloading their assets and retail traders expressing confusion, the current market conditions are set to potentially challenge Ethereum's historical high.
