Ethereum Whale Nears Breakeven on $635.58M Position Amid Market Recovery
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Whale Position Recovery: Arkham reports that a so-called 'Hyperunit' Ethereum whale is nearing breakeven on a $635.58 million long position, indicating improved market sentiment that may attract more investor interest in Ethereum.
- Profit Rebound: The account has rebounded nearly $70 million from its lowest point, showcasing signs of market recovery that could further drive Ethereum's price upward and enhance investor confidence.
- Key Support Level: Analysts highlight that Ethereum is trading above the $2,500 support level, forming an inverse head and shoulders pattern, suggesting a healthy market structure that could trigger significant upward movement if the overhead resistance is breached.
- Market Dynamics Analysis: BitBull emphasizes that Ethereum's price is around $3,038, maintaining above $2,500, indicating the market has not broken the higher low structure, with future movements dependent on breaking through the overhead resistance band.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
