Veteran swing trader is shorting ETH again with 15x leverage.
With liquidity price set at $4,383.66, his 30,001 ETH worth $128.45 million could be lost.
The price of ETH is currently trading around $4,313, will the short trade liquidate soon?
A reputed veteran swing trader is shorting ETH again with 15x leverage at liquidity price $4,383.66, signaling that another ETH price dip may be in store. Considering that the price of ETH is currently trading at $4,314, the crypto community believes that this short trade will likely be liquidated, meaning the trader’s 30,001 ETH position worth $128.45 million will be wiped out in a single small price pump.
Veteran Swing Trader Is Shorting ETH Again
The price of Ethereum (ETH), the pioneer crypto asset, is currently trading at the $4,314 price range, signaling the asset is only 0.21% down from where it was 24 hours ago. The asset is currently boasting a total market cap of $520,604,309,442.66 and a 24-hour trading volume of $46,212,206,426.46. It is also 11.88% away from its previous ATH price set 4 years ago at $4,891.7.
Presently, most crypto traders, analysts, and investors believe that ETH price will make a steady climb towards reclaiming higher highs, before reclaiming its previous ATH and then move towards the price discovery phase so it can set new ATH prices. With ETH having finally broken past the $4,000 price range and having hit the $4,300 price range, the odds for higher highs are great.
https://twitter.com/lookonchain/status/1955074929692725604
What’s more, ETH accumulation from whales and institutions has been off the charts over the past few months. Despite all this bullish fervour and growing expectations for higher ETH prices, one veteran swing trader believes otherwise. As we can see from the post above, the veteran trader, AquilaTrades is shorting ETH again with 15x leverage at a current position of 20,001 ETH worth $128.45 million.
This short is set up so that his position would be 99% liquidated immediately if ETH price surpasses $4,383.66. Responses to the post show that most remain highly skeptical of ETH price falling drastically, allowing his trade to yield any gains. However, some show concern over the trader possibly knowing something that the rest of the crypto community does not, is a dip likely for ETH or is this trade going to turn into a case study for bad trades?
ETH Accumulation Continues to Surge
https://twitter.com/lookonchain/status/1955092608881226210
Meanwhile, ETH accumulation shows no signs of slowing down despite the price of ETH having surpassed $4,000. As the post above depicts, a mysterious entity created 10 new wallets in the past 8 days and accumulated a total of 312,052 ETH worth $1.34 billion from FalconX, Galaxy Digital, and BitGo. Similarly, another mysterious institution created another 2 wallets and accumulated 44,999 ETH worth $194 million.
