Amid the current crypto market fluctuations, whales are making strategic moves to adapt to market dynamics.
Whale Strategies in the Market
According to Lookonchain, a whale deposited $4.08 million USDC into the GMX decentralized exchange to short Ethereum but switched to a long leverage, gaining an unrealized profit of $177,000. This whale also invested $2.3 million USDC in Hyperliquid to long ETH and short BTC.
Bets on Ethereum Long Positions
Despite the downtrend, investor sentiment towards Ethereum is optimistic. Coinglass data reveals that $753 million was invested in long Ethereum positions over the past 24 hours, slightly exceeding the $744 million in shorts, suggesting a potential market breakout.
Ethereum's Recovery Potential
For Ethereum to secure a recovery route, it must surpass resistance levels at $1,920 and $1,950, and then $2,000. Surpassing these levels could push the asset towards $2,100 and $2,205.
The actions of large investors highlight their risk-taking and confidence in the constructive future of Ethereum and cryptocurrencies.
