Key Takeaways
- ETH (Ethereum) is trading above $2,200 after dipping into the $2,100 range on Sunday.
- Whales have opened leveraged long positions worth about $100 million, anticipating a rebound in Ether following U.S. strikes on Iranian facilities.
Whales Place Large Bets on an Ether Recovery
Ether, the second-largest cryptocurrency by market capitalization, lost roughly 14% of its value over the past seven days, dropping to a low of $2,113 on Sunday. Since then it has recovered modestly and is currently trading near $2,242 per coin.
Despite market uncertainty, some large holders are betting that Ether’s price will climb soon. Data from Hypurrscan shows one whale opened a leveraged long position of more than $101 million at 25x leverage with an entry price of $2,247. That position would be liquidated if Ether falls below $2,196.
While that whale has taken a sizeable long, analytics from HyperDash indicate that 64% of the most successful crypto traders in the industry are currently selling the two largest cryptocurrencies, with only 36% remaining long.
ETH Could Slide to $1,887 If Bulls Fail to Hold $2,100 Support
The ETH/USD pair sits at a critical juncture as bulls and bears vie for control. Bulls defended the $2,100 support level over the weekend and hope that Ether can rally toward transactional liquidity around $2,500 in the near term.
Technical indicators, however, still point toward a bearish bias. The MACD remains in negative territory while the RSI sits around 33, signaling continued selling pressure from investors.
If the bearish momentum persists, Ether could retest the $2,100 support level. A failure to hold that level would open the path toward $1,887, a level not seen since May.