ETH Whale Opens $19.8M 10x Long; $3.6K Liquidation Risk Looms
An Ethereum whale recently sold 1,085 ETH before reopening a $19.8M 10x leveraged long, underscoring confidence in a near-term rally. This activity coincides with Ethereum hovering near the key $3,600 level, where over $3.5 billion in leveraged long positions sit just below current prices. Institutional liquidations—such as a 15x long at $3,650 that wiped out 7,160 ETH (~$26 million)—highlight the risk of forced sell-offs. Traders should monitor volume and price action around $3,600, as large-scale whale positions and concentrated leverage could amplify volatility and trigger cascading liquidations.
Neutral
The news highlights both bullish and bearish factors: a whale’s reopening of a $19.8M 10x long indicates confidence in an Ethereum rally, while the concentration of over $3.5 billion in leveraged longs near $3,600 and past forced liquidations (e.g., a 15x long at $3,650 wiping out 7,160 ETH) underscore significant downside risk. In the short term, volatility may spike as traders react to whale activity and potential cascades. Long term, sustained whale conviction could support upward momentum if key levels hold, but liquidation triggers remain a threat, balancing the outlook.