In a surprising turn of events, a newly minted Ethereum whale has emerged, making waves in the market with a significant long position. As Ethereum faced a downturn, dipping to a low of $1,994 in early Tuesday trading, this whale”s strategy is drawing considerable attention.
Currently, Ethereum is trading at $2,010, reflecting a decline of 1.28% over the past 24 hours and a more substantial drop of 12.26% in the last week. Despite this bearish trend, the whale, identified by the wallet address 0x6C85, has deposited 12.88 million USDC into the decentralized trading platform Hyperliquid. This move enables the whale to go long on Ethereum with an impressive leverage of 20x, resulting in a position of 16,270 ETH valued at approximately $33.38 million.
This action has sparked speculation among traders and analysts, with many labeling this individual as a “super bull.” The recent market dynamics have led Ethereum to trade sideways between $1,994 and $2,150 over the past few days, highlighting a critical price level that traders are closely monitoring.
According to technical analysis from Ali Charts, the key focus is on the $2,000 mark for Ethereum. Two potential scenarios are unfolding: either a rebound or a breakdown. Should Ethereum close decisively above $2,150, it could pave the way for further gains, possibly reaching $2,447. A breach above this level would indicate a potential easing of bearish momentum, with the price possibly rising towards the 50-day SMA at $2,877.
Conversely, if the price fails to hold the $2,000 level, Ethereum may face a sharper decline, with targets potentially set at $1,750 and subsequently $1,537. The prevailing market sentiment appears risk-off, as evidenced by declining open interest and negative funding rates in the derivatives market.
This week”s market activity is compounded by anticipated economic data releases that have been delayed due to a partial government shutdown. Key reports to watch include the January nonfarm payrolls, now expected on Wednesday, and January consumer price data set for release on Friday. Additionally, weekly initial jobless claims data will be available on Thursday, all of which may influence market volatility.
