Ethereum Whale Places $44M Bet as Upside Momentum Falters

Ethereum's struggle to maintain an upward momentum has been well-documented in recent days. Despite facing rejection at $2,567, ETH has remained stuck between $2.3k and $2.4k. The altcoin traded around $2,420 as of this writing, marking a 2.5% slip on the daily charts.

However, high net worth traders are still showing demand for longs, indicating optimism among some investors. A notable example is an Ethereum whale that returned after seven months of inactivity and placed a $44.85 million bet with a 25x long position on 18,587 ETH.

This development has sparked debate about the potential impact of whales on the market. While some argue that their large bets can create strong short-term price pumps, others point to the increased selling pressure caused by liquidations and whale activity.