Ethereum whales cash out $14mln as $136mln shorts burn – Next move for ETH?
Ethereum extended its uptrend, reaching a local high of $2385 before retracing to $2317. This price surge triggered massive liquidations, with over $136 million in short positions and $39 million in long positions being liquidated. A Matrixport-linked whale cashed out a 40,000 ETH long position, realizing a $14.47 million profit, while still holding 80,000 ETH. Conversely, some leveraged short positions faced significant losses.
Market participation surged, with derivatives volume rising 60% to $86.7 billion and open interest increasing 4.4% to $33.2 billion. The long/short ratio climbed to 1.04, indicating growing bullish sentiment. Technical indicators, including the MACD and DMI, showed strong upward momentum with buyers in control.
If demand persists, ETH could target $2500, but failure to sustain momentum might lead to a drop toward $2069. The current move is viewed as a relief rally rather than a confirmed bull trend.
ambcrypto03/17 12:06