An Ethereum whale managed to mint a staggering $16.8 million by going short on ETH price ahead of today’s 5% correction. Amid today’s broader market sell-off, ETH tanked to $3,050 once again, triggering over $81 million in long liquidations. As the Trump tariff kicks in on Feb 1, the crypto market is facing strong volatility as analysts expect strong turbulence on Wall Street next week.
An Ethereum whale has made significant gains by shorting ETH with 50x leverage as the altcoin price took a downturn, amid broader crypto market correction.
The high-leverage move by Ethereum whale has attracted attention within the crypto community, highlighting the volatility and profit potential in the market during periods of ETH decline.
Despite Ethereum’s underperformance in recent times, analysts continue to be bullish on ETH bounce back in February. On the technical chart, Ethereum is forming a bullish inverse head-and-shoulders pattern. As the chart below shows, ETH price can surge to $4,000 in the near term after bouncing off from the second shoulder support.
As shown by crypto analyst Mags, ETH first needs to break past $4,000 for a further rally to $7,500. He also suggested that if ETH rebounds from current levels, it could trigger a strong rally across altcoins, potentially reversing recent market downturns.
Another crypto analyst Titan of Crypto noted that the ETH/BTC trading pair is at a critical support level, sparking speculation about a potential shift in market dynamics. While many anticipate a final downward move for the pair, the analyst suggests that Ethereum may soon begin to outperform Bitcoin. Additionally, Ethereum whales are accumulating in big quantity over the past week’s consolidation.
As per historical data, Ethereum has always outperformed during the month of February, making it statistically the best month for the altcoin. Data shows that ETH has closed February in positive territory every year except 2018.
The average ETH returns during this month have been 17.13%. Traders are optimistic about a repeat of this trend, eyeing potential gains for ETH as market sentiment improves.
Crypto analyst Miles Deutscher reports a notable liquidity shift from Solana (SOL) to Ethereum (ETH) in the past 24 hours. Data indicates that Solana has bridged four times more capital to Ethereum than Ethereum has sent back to Solana during the same period.
This trend highlights Ethereum’s growing appeal in the market, potentially signaling a strategic reallocation by investors. As of press time, ETH price is trading 4.1% down at $3,108 with daily trading volumes plunging 22.5% to $23.5 billion. The US jobs data this week will be a key factor in deciding market momentum ahead.
The post How This Ethereum Whale Made $16.8M Profit Shorting ETH appeared first on BitcoinLinux.
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