MachiBigBrother Sells Bored Ape to Fund Ethereum Long Position

MachiBigBrother has made a significant move to maintain his Ethereum (ETH) long position. The investor sold one of his Bored Ape NFTs, #5715, for 8.3 ETH ($15,570), after purchasing it three years ago for 34.17 ETH. This sale allowed him to fund a portion of his 2,800 ETH long position, which is currently valued at $5.3 million.

The liquidation price of MachiBigBrother's long position is set at $1,863.08, meaning that the investor is already sitting on a significant profit margin. However, with the broader crypto market experiencing a downturn, traders are watching ETH price prediction models closely to gauge the potential for further price fluctuations.

According to technical analysis, the current price of ETH ($1,887.65) is trading within its Bollinger Bands, with upper resistance at $1,906.46 and lower support at $1,861.38. The EMA50 acts as immediate resistance, while the EMA200 offers deeper support.