Ethereum briefly spiked to nearly $2,800 earlier this week before retracing to $2,710, according to CoinGecko data. The price movement has drawn attention from market participants tracking potential catalysts for further upside.
An anonymous trader has opened a $99 million long position in ETH with 25x leverage at approximately $2,660, according to information shared by X user Max Crypto. The trader's position carries a liquidation price of $2,552 unless additional collateral is added.
What distinguishes this move is the trader's historical performance: across 3,156 trades, the account maintains a 100% win rate and generated $5.5 million in profits this week alone. The flawless record has prompted market speculation about whether the trader possesses superior information or analytical capabilities.
Supporting the bullish thesis, analytics platform Santiment reported that less than 3.5% of Ethereum's total supply now sits on tracked exchanges. An additional 1.16% of supply has moved off exchanges since the beginning of June. Santiment noted that reduced exchange balances decrease the immediate supply available for selling but do not guarantee higher prices.
Analyst Forecasts
Multiple analysts have positioned themselves as Ethereum bulls. Michal van de Poppe stated that ETH is "looking great" and anticipated higher prices if support holds above $2,708. Gerla identified $2,770 as a key zone and described the bullish structure as intact, with potential targets at $2,950 and $3,080.
Analyst JAVON MARKS characterized Ethereum as entering a "massive bull run," citing emerging from an accumulation phase with potential price targets at $4,811, $8,500, and $12,000.
