- ETH price maintains a $1,900 price zone.
- ETH whale sufferers close to $2 million in short position liquidation.
Ethereum [ETH] concluded the previous month triumphantly, experiencing a remarkable surge of over 4% in its overall value. Nonetheless, amidst this upward trajectory, an Ethereum whale decided to challenge the ongoing ascent of the cryptocurrency, resulting in an intriguing turn of events.
Read Ethereum’s [ETH] Price Prediction 2023-24
Ethereum whale runs out of water
In a fascinating development reported on 3 July by Lookonchain, an Ethereum whale defied the prevailing market sentiment by taking a short position on ETH. Intriguingly, this was not the first instance of the whale engaging in such a maneuver. The investor persisted and opted to short ETH again after being previously liquidated due to a price increase.
However, after enduring substantial losses, the whale ultimately decided to cut losses and closed the short position on ETH. This was when it had incurred a loss of over $1.88 million. It was worth noting that the investor’s short position on ETH commenced on 15 June and was progressively augmented as the cryptocurrency price continued to climb.
Analyzing Ethereum’s daily timeframe trend
A close examination of the daily price movement of Ethereum [ETH] revealed a persistent uptrend ever since the influential whale initiated a short position. Although occasional losses temporarily halted the upward trajectory, the dominant trend remained bullish.
Since the end of June until now, ETH has recorded a remarkable gain of over 4% in value. As of writing, its trading price hovered around $1963.1, representing a further increase of over 1%.
Source: TradingView
Furthermore, ETH continued to exhibit signs of a bullish market. The Relative Strength Index (RSI) remained above the threshold of 60, indicating robust buying momentum. On the other hand, the Moving Average Convergence Divergence (MACD) sustained a positive trend above zero. These indicators suggested that the overall sentiment surrounding Ethereum remained favorable, further reinforcing the ongoing bull trend.
Short vs Long
According to data obtained from Coinglass, Ethereum was currently experiencing a positive funding rate, as observed as of this writing. Also, the positive funding rate was consistently observed across most exchanges. This signaled that the market placed bets on the potential ETH value increase.
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Furthermore, a deeper analysis of Coinglass data revealed a noteworthy discrepancy between short and long positions in terms of liquidations over the past 24 hours.
As of this writing, the total value of liquidated short positions amounted to over $4 million. The value significantly surpassed the liquidation value of long positions, which stood at approximately $912,000. Also, similar trends were observed on 2 July, where the liquidation value of short positions outpaced that of long positions.
