Ethereum Whale Places $44.85M Bet Amid Market Weakness

An Ethereum whale made their return to the market after seven months of dormancy and placed a significant bet on the altcoin, opening a 25x long position on 18,587 $ETH worth $44.85 million.

This move shows optimism from the whale, anticipating that Ethereum's slowdown will ease and allow for further gains.

However, not all investors are feeling bullish, as momentum indicators have started to show a weakening market. The Relative Strength Index (RSI) has dropped to 63 after making a bearish crossover, suggesting sellers are becoming aggressive.

In fact, the whale's deposit of $253 million into multiple exchanges, followed by further selling pressure, has weakened the market structure and led to significant losses for longs who were forced to exit.