A whale shorted ETH at $2,568 with 25x leverage as the price surged 78% from April lows, signaling potential near-term volatility.
Mid-sized ETH whales held steady through volatility, accumulating over 1M ETH since February, reflecting strong long-term confidence.
Technical indicators like SuperTrend and OBV confirm bullish momentum, supporting a potential ETH rally toward the $3,000 resistance level.
A whale just deposited $3.876 million USDC into Hyperliquid to short Ethereum with 25x leverage at $2,568.12. This bold move, reported by Spot On Chain, drew market attention amid Ethereum's aggressive price recovery. ETH has rebounded sharply from April lows near $1,500, climbing roughly 78% to hit $2,678 by May 13. The whale’s high-leverage short position introduces volatility risk as the market eyes the $3,000 level. At the time of writing, ETH trades at $2,551.61.
Accumulation Continues Despite Price Swings
Ethereum whales holding between 10,000 and 100,000 ETH have shown remarkable resilience over the last three months. According to CryptoQuant data shared by CryptoGoos, these holders accumulated during February despite elevated prices. Balances rose from 15.75 million to 16.75 million ETH by mid-February.
Source: Crypto Goos
However, March brought turbulence. Prices slid toward $1,500 by early April, yet whales held firm. Their balances fluctuated slightly but remained stable through May. As of May 13, they controlled exactly 16.7732 million ETH. This behavior signals confidence in long-term price growth.
Besides, no major sell-offs occurred even during April’s lowest dip. Other wallet categories like 100–1,000, 1,000–10,000, and 100,000+ ETH mirrored varied patterns. However, none showed panic selling. Consequently, steady accumulation from key holders adds bullish weight to the broader market trend.
Technical Indicators Align with Bullish Outlook
Ethereum’s recent technical setup further supports upward momentum. The chart from IncomeSharks highlights a key reversal from late April. ETH broke a persistent downtrend and formed a strong bullish candle. A new support level emerged around $2,400, holding through multiple retests in May.
Source: IncomeSharks
Moreover, the SuperTrend indicator flipped bullish, posting values of $2,206.75 and $2,545.17. The OBV indicator also turned upward, confirming rising buying volume. Additionally, price action broke through resistance, setting a technical path toward $3,000.
Hence, the convergence of whale accumulation, technical strength, and market sentiment forms a strong bullish narrative. However, leveraged shorts like the one noted on Hyperliquid may inject short-term volatility.
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