Key takeaways
- Ethereum’s ETH is trading above $2,200 after dipping into the $2,100 range on Sunday.
- Whales opened leveraged bets worth $100 million, expecting Ether to rebound following a U.S. strike on facilities in Iran.
Whales place large bets on an Ether recovery
Ether, the second-largest cryptocurrency by market capitalization, has dropped about 14% over the past seven days. That bearish move pushed the price down to a low of $2,113 on Sunday. Since then, it has recovered somewhat and is currently trading around $2,242 per token.
Despite market uncertainty, several Ethereum whales appear confident that Ether could climb soon. Data from Hypurrscan shows one whale opened a long position on Ether worth more than $101 million using 25x leverage at an entry price of $2,247. That position would be liquidated if Ether falls below $2,196.
While that whale is taking a long stance, HyperDash reports that 64% of the industry’s top-performing crypto traders are currently shorting the two largest cryptocurrencies, while only 36% remain long.
ETH could fall to $1,887 if bulls fail to hold $2,100 support
The ETH/USD pair sits at a critical juncture, with bulls and bears fighting for control. After defending the $2,100 support level over the weekend, bulls are hopeful Ether can push toward transactional liquidity around $2,500 in the short term.
However, technical indicators still point to a bearish bias. The MACD remains in negative territory, and the RSI around 33 suggests that selling pressure from investors is persistent.
If the downtrend continues, ETH could retest the $2,100 support area. Failure to hold that level might push Ether down to approximately $1,887, a price not seen since May.