An Ethereum whale has opened a substantial long position worth $16.35 million on Ether, leveraging 25x in a bold prediction that the price dip might be over. The position, initiated at $4,229.83 per ETH, is already showing a small profit as the price hovers above $4,240. A report indicates that there is a strong cluster of short liquidations in the $4,300–$4,360 range, which acts as a liquidity magnet for market movements. This means that a rise to just $4,336 could result in significant profit for the whale, potentially increasing the position's unrealized gains by nearly $450,000. On a technical level, Ethereum is maintaining support above its 20-day exponential moving average, suggesting a potential bullish trend. This aligns with a falling wedge pattern that, should it hold, could push ETH towards $4,750. However, a close below $4,140 may invalidate this bullish setup, posing risks regarding market direction.

Source 🔗