ETH Trader Pivots to $64M Long After $471K Short Loss

ETH trader 0x914b recently made a significant shift in strategy after suffering a substantial loss. The trader initially lost $471,000 by shorting 14,976 ETH, which was valued at $40.97 million. However, the trader quickly pivoted to a bullish stance, opening a long position 25 times larger, amounting to 23,734 ETH worth $64.3 million, with a liquidation point set at $2,650.

The current price of ETH is holding steady at $2,713.58, which is above key support levels. The 50-EMA support is at $2,691.25, while the 200-EMA is at $2,582.52. Technical indicators show a bullish golden cross in the MACD at 5.68, and the RSI is neutral at 55.25 within the Bollinger band. The upper resistance is marked at $2,743.09, and the lower band is at $2,657.24, indicating potential liquidation risks if volatility spikes downward.