The Ethereum price has increased by 10.3% in the past week, following the lead of Bitcoin. The market was surprised by BlackRock’s Bitcoin spot ETF filing, which also gave altcoins a boost. However, one trader on decentralized exchange GMX is not pleased with the news. This trader has a large short position on Ethereum, using 6.64x leverage and an entry price of $1,703.97. Their position is currently down 77.4%, amounting to -$1.416 million. The trader’s short position will be liquidated when the Ethereum price reaches $1,945.18. It is speculated that the trader may double down on their bet, potentially increasing the liquidation price to around $1,967. The trader also holds other assets worth $224,000. If all assets are used as collateral, the maximum liquidation price could rise to around $2,000. However, it is believed that the trader has mechanisms in place to protect their position. There are rumors in the crypto community that the liquidation of the short-seller could trigger a breakout of Ethereum above $2,000. The current price is stuck in a range between $1,964 and $1,930, and a breakout in either direction could determine the next move. A breakout above $1,930 does not guarantee a move above $2,000, as major resistance is expected at the 78.6% Fibonacci retracement level of $1,975.
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