Ethereum (ETH) fell 7% over the past 24 hours amid a broader cryptocurrency market correction, dropping to nearly $2,200 before recovering to around $2,240, according to CoinGecko data. Despite the decline, one large investor has taken a significant bullish position.
Whale Opens $45.3M Long Position
Lookonchain revealed that a whale opened a $45.3 million long position on ETH with 25x leverage. Notably, the mysterious trader has made 10 trades so far, all of which have been successful. This perfect record has fueled speculation that the whale might possess inside information about upcoming events that could positively impact Ethereum, though such speculation remains unconfirmed.
Analysts Remain Optimistic
Several analysts continue to express optimism about ETH's prospects. Michael van de Poppe expects the asset to outperform Bitcoin in the coming period, though he acknowledged that the latest correction has made that scenario more challenging. He highlighted the ETH/BTC range, stating: "If this breaks above 0.03, we'll see a strong move and a surge across the board in altcoins. Big weeks are upon us."
X user ZAYRO ₿ argued that ETH's monthly chart is "absolutely ridiculous," noting that the past two expansion phases were followed by astronomical price increases. "Now Ethereum has spent nearly 1,800 days building its next massive base. The longest consolidation of the three structures shown. The next expansion is the one I'm positioning for. A move into five-figure territory is written all over this chart. Ethereum's parabolic chapter is far from over," they concluded.
Key Technical Levels
According to Daan Crypto Trades, ETH currently sits right on the big .618 Fibonacci retracement level and the Daily 200MA. The analyst focused on the $2,350 zone, suggesting that a move above can serve as "a proper sign of strength that the bullish momentum is back." Conversely, a drop below could trigger a deeper correction.
