A massive short position worth $19.7 million has been opened by an ETH whale, targeting a fall to $1,375. The move is based on a technical analysis that sees a key support level at that price. If the market slides to that point, the whale could realise about $2.4 million in profit – a sizeable gain that reflects the confidence of a large player in a downward trend.
At the moment, ETH is hovering around $1,736, up 2.1 % in the past 24 hours. Despite the recent gains, the broader market sentiment is in an “Extreme Fear” state, suggesting that many participants are wary of a potential correction. This mix of bullish price action and fearful sentiment creates a tension that could play out in the coming days.
Liquidity concerns are also on the radar. Binance has reported a three‑year high in ETH withdrawals, indicating that a large number of holders are moving funds out of the exchange. Such outflows can tighten liquidity and make the market more susceptible to price swings, especially if short sellers start to squeeze in.
For retail traders, the key takeaway is to watch how ETH behaves around the $1,375 mark. A break below that level could trigger the whale’s profit‑taking, while a bounce might signal that the short is not yet fully executed. Coupled with the extreme fear reading, this could be a signal to monitor for a potential pullback or a brief rally. Keeping an eye on these dynamics will help you gauge whether the market is leaning toward a correction or a continuation of the current uptrend.