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The price broke through $4300, crushing the bears, while the giant whale, which earned $76 million, began to ship in batches.
The price of Ethereum (ETH) has surpassed $4300, with a 24-hour increase of over 5%, and bears have been crushed in a fierce game. In the past hour, the total amount of liquidation on the internet reached 10.26 million US dollars, of which 9.04 million US dollars were short positions, accounting for a high proportion of 88%.
However, behind this seemingly prosperous market scene, a giant whale/institution that has already made a profit of $76.05 million through the ETH band began selling 20830 ETH (worth approximately $89.72 million) in batches to lock in profits.
Behind Ethereum's breakthrough of $4300 is a fierce long short battle surrounding the $4200 mark.
The potential forced liquidation amount of up to 1.63 billion US dollars is hovering between the key price levels of 4200 US dollars and 4400 US dollars, and the market seems to have turned into a pressure cooker that could erupt at any time.
Any breakthrough by either side could trigger a domino effect.
Analysis of the derivatives market shows that if the price of Ethereum breaks through the resistance range of $4350, about $1 billion of short positions will face the risk of forced liquidation, which may create "strong upward pressure" on the market.
【 02 Whale Action: Behind the Profit Settlement 】
As the market rebounds, multiple whales have chosen to sell ETH to lock in profits. In addition to the aforementioned whales/institutions that have already made a profit of $76.05 million through the ETH band starting to sell in batches, Trend Research has also deposited 24051 ETH (approximately $104.3 million) into Binance in the past 9 hours.
Meanwhile, an Ethereum OG address has deposited 4000 ETH (approximately $17.31 million) into Kraken within the past 5 hours.
The synchronized actions of these whales have sent an important signal to the market: some large holders believe that the current price has reached a temporary resistance level.
【 03 Opportunity or Trap? Market Outlook Analysis 】
From the observation of on chain data, not all large holders are selling.
On October 1st, a giant whale address deposited 11.046 million USDC into HyperLiquid and purchased 2584.48 ETH at an average price of $4274, demonstrating the divergence among market participants. Institutional investors' long-term confidence in Ethereum has not wavered. Yesterday, the net inflow of US Ethereum spot ETFs reached $127.5 million, with BlackRock's ETHA product monopolizing all the inflow funds.
At the beginning of this week, the spot Ethereum ETF attracted a large influx of $547 million in funds. Major mining companies are also actively laying out Ethereum. Mining company BitMine Immersion already holds approximately $10.6 billion worth of Ethereum and plans to expand its holdings to 5% of the total supply.
[04 Operational Approach: Coexistence of Risks and Opportunities]
Technical analysis shows that Ethereum's core support levels are around $4120 and $4095, while the key resistance levels above are around $4200 and $4240.
Analysts have pointed out that if Ethereum can maintain a stable support level of $4200, it could be a "pretty good buying opportunity".
Once the price reaches this support level, bullish forces may quickly intervene to drive a rebound. However, some argue that the current market lacks a clear catalyst, which is different from the upward trend driven by major upgrades or regulatory benefits when it reached a historical high of $4800 last year.
Short term market fluctuations are severe, and both long and short positions face high risks. The market's attention has focused on whether Ethereum has a chance to return to the historical high of $4800 set on September 13 last year. But unlike the upward trend driven by major upgrades or regulatory incentives at the time, the current market lacks a clear catalyst.
Traders who persist in short selling near key resistance levels may face significant risk of liquidation, while those chasing after high positions need to be wary of the price drop caused by whale selling. The market always oscillates between fear and greed. This time, which side will the balance lean towards?
Operation suggestion:
BTC 118300 long. First target: 119850. Second target: 120765;
ETH 4355 long first target to see 4420 second target to see 4475
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Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.