Wang Chun Unwinds ETH Leverage Amid Overtly Bullish Market Conditions

F2Pool co-founder Wang Chun has unwound some of his Ethereum leverage during the recent rally, reducing his exposure by sending 12,765 ETH worth $28.73 million to Binance and withdrawing 87.68 million USDC to close a Spark DeFi loan.

The move suggests that Wang is taking steps to manage risk as the price of Ethereum continues to climb. The address still holds 65,000 ETH valued at $159 million plus 1,000 WBTC at $77.18 million.

Ethereum's price currently sits at $2,421.03 within the Bollinger band, with an upper resistance level at $2,532.75. The Relative Strength Index (RSI) is at 70.41, indicating overbought conditions, while the Moving Average Convergence Divergence (MACD) has printed a death cross at 102.82.

Given the current technical indicators and price action, it appears likely that Ethereum will experience a healthy retracement to the 50-EMA support level at $2,175.04 before potentially continuing its upward trend.