Ethereum extended its price recovery and regained $1.7k, a level that recently became a resistance. At press time, ETH traded at $1,756, up 3.02% on the daily chart.
The recovery pushed ETH above the MACD Signal Line Moving Averages (SMAs) at $1,630 and $1,671, indicating bullish momentum.
Why did the Ethereum whale lose $9 million?
As Ethereum regained $1.7k, the whales that had been shorting the market exited to avoid further damage and the threat of extinction. In fact, short-term closings rose, with $79 million in short-term positions after ETH crossed the threshold.
According to Onchain lensOne whale closed $54.1 million ETH short.
The Whale lost $9.386 million and also paid $36,000 in Support Fees. The output showed a slow-moving effect.
Why are salespeople becoming active?
Even as the whales got out of their shorts, traders appeared to be increasing their futures activity.
CryptoQuant’s Ethereum Futures Average Order Size showed an increase in Sell Orders between $1.6k and $1.7k. Traders who think they are quickly opening new positions, and the sentiment seems to be biased.
According to CoinGlass, the Long/Short rate rose above 1 across the exchange.
On Binance, the ratio increased to 1.5, while the Long / Short Ratio reached 1.03. This shows that the long positions were more than the shorts as the traders were expecting loudly.
Can cows help with mobility?
Ethereum’s recent recovery showed that demand has returned to the market. Momentum indicators also indicate changes in conditions.
At the start, the Relative Strength Index (RSI) daily rose to 54, moving above the 50 level. Buyers who think they have won.
The MACD Signal Line Moving Averages (SMAs) also remained above recent supports, strengthening the bullish trend.
If the buyers keep control, ETH can take another $1.8k before trying to move towards $2k. However, Spot trading remained vulnerable.
Onchain Lens said that Chun Wang invested 9,876 ETH, worth $17.02 million, in Binance. If the large Exchange continues, selling pressure can increase and send Ethereum (ETH) back to $1,640.
Brief Summary
- Ethereum (ETH) regained the level of resistance at $1.7k, rising 3.02% as the momentum strengthened.
- Whale closed $54.1 million ETH short, realizing a loss of $9.386 million and paying $36,000 in Support Fees.
