B3bit
06/11 18:43
Smart Trader Flips Bearish on Ethereum as Price
Smart Trader Flips Bearish on Ethereum as Price Ba
- A well-known trader has taken a short position of $60.8 million on Ethereum amid its recent profits.
- Ethereum is finding it hard to surpass the resistance area at $2,750, which caused past price rejections.
- Whales continue to buy ETH in huge quantities, as analysts indicate the potential for consolidation or decline.
Ethereum’s price has edged above $2,700, triggering cautious optimism among traders. However, a mix of whale accumulation and renewed short interest from a high-profile trader is keeping sentiment balanced. With resistance forming at $2,750, Ethereum’s next move could set the tone for the broader altcoin market.
According to on-chain analytics provider Lookonchain, smart trader 0xcB92, who has already made $5.18 million by trading Ethereum, has reopened a large short position. This trader is now shorting 21,963 ETH, worth $60.8 million, with a liquidation price of $2,948.
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