Whale Profits $177K on Ethereum Long Leveraged Bet

Amid the ongoing crypto market turmoil, whales appear making strategic moves to adapt to market dynamics. Today, Lookonchain spotted a whale who shorted Ethereum (ETH) but quickly closed the position. He switched to a long leverage, which enabled him to earn an unrealized profit of $177,000.

Whale earns profit longing ETH

According to data reported by Lookonchain, the whale deposited $4.08 million USDC into the GMX decentralized perpetual exchange to short ETH. He, however, moved swiftly, terminated the position, and shifted to Ethereum long leverage.

This whale currently holds an unrealized profit of $177k after taking a leveraged-long position on Ethereum in the GMX platform. With time, ETH price rises yielded him a profit worth $177,000. It appears these gains encouraged him. He went ahead and deposited $2.3 million USDC into Hyperliquid to long ETH with 25x leverage and short BTC with 40x leverage.

This whale’s aggressive trading activity highlights the willingness of big investors to take on big risks in crypto price movements. His trading strategy signifies whales’ confidence in the future performance of Bitcoin and Ethereum and their ability to manage leveraged positions.

This whale’s action offers insights into the strategies used by big investors in the market. His activity shows whales’ ability to understand and adapt to market conditions and take calculated risks to maximize gains.

Traders betting on ETH long positions

Ether has struggled to gain an uptrend to come at par with the wider cryptocurrency market, which is moving into a recovery phase. While Bitcoin has risen above $82,000 and other crypto assets registered double-digit gains, Ethereum has remained under $2,000.

Despite the downtrend, ETH is experiencing optimistic investor sentiment. Coinglass metrics indicate that over the past 24 hours, investors have splashed $753 million in leverage on Ethereum long positions, slightly higher than the $744 million leveraged on short positions. This trend of long leverages higher than shorts after a prolonged downtrend suggests a potential breakout from the ongoing slump.

However, for ETH to embrace a clear recovery trajectory, it must break multiple resistance levels beginning from $1,920 and $1,950, followed by the crucial $2,000 level. A move above $2,000 may push the asset higher toward potential targets at $2,100 and $2,205.