Ethereum Trader Takes Out Record-Breaking $18.74M Long Position

A large Ethereum trader, known by their pseudonym 58bro.eth, has taken out an $18.74M long position on the cryptocurrency via Aave.

The trade was executed over the past 24 hours and involved borrowing USDT to scale up the position higher. According to data, 3000 ETH were withdrawn from Binance and deposited into Aave to secure a 9M USDT loan.

The associated address, 0xc24ad068e42b8293db1ac6d920aed665ab3fe8d2, is now holding the equivalent of $18.74M in Ethereum.

From a technical standpoint, Ethereum's price currently holds just above the 50-EMA support at $2636.49, while the broader bullish structure remains anchored by the 200-EMA at $2438.91.