Reputed trader closes ETH and HYPE long positions, taking $33.83 million profit.
He then opens short positions for ETH and HYPE, indicating a coming price pump.
Another whale loses $26 million on an ETH short, showing the high risk factor in crypto trading.
Reputed trader closes ETH and HYPE long positions taking 25x and 5x gains respectively. To highlight, the trader took an overall profit of $33.83 million and has now opened orders to short both ETH and HYPE. Does this analyst expect a rapid drop in the prices of these altcoins? If so, how far will the price of ETH and HYPE drop? The crypto market is always filled with opportunities for those who see hidden patterns.
Reputed Trader Closes ETH and HYPE Longs and Opens Shorts
https://twitter.com/onchainlens/status/1955502111493591176
The crypto market is puzzled by the latest move by a reputed crypto trader known as Machi Big Brother. As we can see from the post above, this renowned trader just closed his long positions in ETH and HYPE and 25x and 5x, respectively. He closed these positions to take an overall profit of $33.83 million. The trader now has an open order to short both HYPE and ETH, signaling a possible price dump for these altcoins.
https://twitter.com/MerlijnTrader/status/1955313331167703237
From yesterday to today, the crypto market saw a rapid price pump for the pioneer altcoin Ethereum (ETH). According to reputed crypto analysts, this move was a series of bear traps being sprung and bull traps being passed over. As the image in the post above depicts, the analyst goes on to highlight the areas for bull and bear traps and concludes that this time it's the bear traps that got triggered.
This observation leads the analyst to believe that ETH is entering a launch zone. According to this analyst, ETH is entering a phase where the majority will still doubt ETH's potential for an exponential pump, but due to the minority taking strong positions and holding during the ETH price pump, ETH will continue to move upwards. He believes that this pump will be swift, and none can afford to miss it.
Bull vs Bear Traps Battle it Out
However, from the short trades set by the trader known as Machi Big Brother, this pump expectation doesn’t seem to add up. Based on the short trades set, Machi is expecting a fall in both ETH and HYPE prices. However, as to how significant the fall will be, this is yet to be determined. Which way will ETH swing? Will Machi follow the short order with another long order to match ETH pump expectations from the greater crypto market?
https://twitter.com/lookonchain/status/1955434886002774279
Of course, predicting short or long orders is no easy task, and due to the crypto market’s volatility, a swing either way is equally possible. As we can see from the post above, this whale loses over $26 million on ETH short at 20x leverage. It seems that the sudden surge in ETH price led to bear traps being sprung and bull traps passing through.
Despite the varying thoughts on what is coming next, most analysts are bullish long-term on ETH. One analyst goes on to say that ETH is running the 2016-2017 playbook. Last time ETH’s surge was propelled by retail mania, this time by Wall Street and global adoption too, meaning that when ETH breaks into price discovery it won’t run, rather, it will sprint to new ATH prices significantly.
