Ethereum Whale Takes $270 Million ETH Long Position, Major Rally Ahead?

Key Notes

• Institutional whale opens a $270M long position with 50x leverage.
• Hyperliquid’s HLP Vault faces $4M losses after liquidation.
• ETH hits resistance at $2,250-$2,610, with signs of oversold conditions.

Ethereum whale activity has increased as the

ETH $1 907

24h volatility: 0.0%

Market cap: $231.18 B

Vol. 24h: $24.40 B

price struggles to hold above $2,000, with an institutional whale opening a $270 million long position at 50x leverage.

After facing a rejection at $2,200, the ETH price has once again dropped in recent market volatility ahead of US CPI data.

Ethereum Whale Activity Shoots Up Significantly

The latest report from HypurrScan suggests that an institutional Ethereum whale identified by the address 0xf3…057c, has opened a major Ethereum long position. The trade involves 50x leverage, with a position size of approximately $270 million.

The average entry price for the position is $1,896.63, and the unrealized profit has already exceeded $3.38 million. However, the trade carries substantial risk, with a liquidation price set at $1,877.1.

On the other hand, the Hyperliquid’s HLP Vault has incurred losses exceeding $4 million in the last 24 hours as a whale initiated a high-leverage long position involving 175,000 ETH, valued at approximately $340 million.

The trade initially achieved a floating profit of $8 million. After closing 15,000 ETH from the position, the whale withdrew $17.09 million USDC in margin back to their address. However, this margin withdrawal triggered a massive liquidation of 160,000 ETH long position.

The massive size of the liquidation forced Hyperliquid HLP to take over the position at a price of $1,915. The platform is now gradually unwinding the position but is currently facing a floating loss exceeding $4 million.

Clarifying this matter, Hyperliquid stated that the incident was neither a protocol vulnerability nor a hacking event. The issue arose when the user withdrew margin while holding unrealized profits, which lowered their margin ratio and ultimately triggered a liquidation.

Where Is ETH Price Heading Next?

ETH price has massively underperformed the broader crypto market recently. In comparison to Bitcoin

BTC $83 484

24h volatility: 2.6%

Market cap: $1.65 T

Vol. 24h: $43.56 B

, ETH has dropped to the lowest levels in five years since 2020.

Crypto analyst Ali Martinez highlights that Ethereum is encountering a critical resistance zone between $2,250 and $2,610. Within this range, approximately 12.28 million investors have accumulated over 65 million ETH.

On the other hand, some market analysts believe that the ETH price has entered an oversold territory. Prominent crypto trader Tardigrade has noted that Ethereum has entered the oversold zone on the Stochastic indicator for the first time in a three-year interval.

According to the analyst, this development could signal that ETH has reached its bottom at the current price level, potentially paving the way for a rebound.

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