An Ethereum whale made a significant profit of $16.8 million by shorting ETH just before a price drop. The whale used a 50x short position to take advantage of Ethereum's 5% decline during a wider crypto market sell-off. At one point, ETH fell to $3,050, leading to over $81 million in liquidations for long positions. Currently, Ethereum is priced at $3,065.40, showing a 5.76% decrease in the last 24 hours. Its market cap is at $369.45 billion, down 5.75%, with a trading volume of $24.43 billion, which is a 14% drop. The market cap ratio is 6.2%, indicating increased volatility. Ethereum's circulating supply remains at 120.52 million ETH, with no maximum cap. Analysts are watching for a potential recovery based on historical trends. Ethereum faces important resistance and support levels. The nearest resistance is at $3,185, with another at $3,235. If ETH can break these levels, it might rise to $3,300. However, support is at $3,050, and falling below this could lead to further declines to $3,000 or lower. The Relative Strength Index (RSI) is currently at 38.52, suggesting ETH is nearing oversold conditions. The average RSI is 50.36, indicating a bearish trend. The 9-period moving average is at $3,185.66, while the 21-period moving average is at $3,235.03. A bearish crossover has occurred, hinting at a continuation of the downtrend. The post Ethereum whale secures $16.8M profit with a 50x short position appeared first on Optimisus.

Recent reports highlight that a major Ethereum whale has successfully capitalized on the cryptocurrency’s price decline by implementing a short position with a 50-fold leverage. This move reflects the broader market downturn affecting Ethereum.Continue Reading:Ethereum Whales Profit from Market Dip