The price of Ethereum experienced a sharp decline, leading to active responses from major traders. Let's explore key events and their implications.
Ethereum Price Drop
Today, the price of Ethereum dropped nearly 4%, falling from an intraday high of $4,554 to around $4,260 after reaching $4,700 last week. This sharp decline caused increased volatility in the market.
Actions of Major Traders
According to blockchain tracker Lookonchain, a trader identified as 0x8062 panic-sold 2,277 ETH worth $9.57 million at a price of $4,203, securing a profit of $4.04 million. Another whale trader, known as 0x89Da, closed a massive long position worth $93.5 million at a loss of $6.6 million before quickly re-entering with another long position worth $65.6 million.
Current Market Overview
Despite the current drop, a trader who started with $125,000 four months ago managed to build a position of 66,749 ETH, gaining $6.86 million overall. The charts indicate that the market is undergoing a short retracement, although the overall trend remains bullish, with the Relative Strength Index (RSI) suggesting a possible trend change.
The situation in the Ethereum market remains tense, with signs of uncertainty. Traders continue to react actively to price changes, which may influence future market dynamics.
