Crypto Trader Loses Million After Leveraged ETH Position Implodes

A crypto trader known as Machibigbrother has seen their ETH roll trade drop to $1 million after capturing a significant gain in August.

The trader turned $150,000 into $12.3 million by rolling leveraged longs on ETH from $1,900 to $2,500, but the entire gain evaporated in September's price range of $2,400-$2,600.

The rolling strategy that worked initially now exposes Machibigbrother to repeated stops at maximum leverage, highlighting the classic risks associated with rolling leveraged ETH perpetuals positions.

ETH is currently trading at $2,401.09 within its Bollinger band, with lower support at $2,400.2 and a bearish death cross on MACD.