A well-known trader has taken a short position worth $60.8 million on Ethereum amid its recent gains.
Ethereum is struggling to surpass the resistance area at $2750, which has caused price rejections in the past.
Whales continue to buy ETH in large quantities, as analysts point to the possibility of consolidation or decline.
The price of Ethereum has exceeded $2700, sparking cautious optimism among traders. However, a combination of whale accumulation and renewed interest in short selling from a prominent trader keeps sentiment balanced. As a resistance level forms at $2750, Ethereum's next move may determine the path of the broader altcoin market.
