Whale Short Position Approaching Liquidation
On-chain analyst Yujian (Ember) reported that a whale address (0x50b...9f20) opened a short position of 54,200 ETH at an entry price of $1,541.3. The liquidation price for the position is set at $1,674.4.
ETH has since rebounded to $1,646.2, up approximately 6.8% from the entry price. The current market price is now only $28 (1.7%) away from the liquidation level. If ETH continues to rise and breaks above $1,674.4, the position would be forcibly liquidated, potentially causing short-term selling pressure.
Given the size of the short position, liquidation could have a notable impact on ETH's short-term price. Market participants should monitor ETH's momentum and any changes in the whale's holdings.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.