Crypto Whale Doubles Down on Ethereum as Market Flashes Green

Another big bet on ETH—because nothing says ’calculated risk’ like following the herd with extra leverage.

Bullish signals trigger position: A prominent trader reignites their ETH long, betting on the second wind of crypto’s favorite altcoin. Technicals suggest momentum brewing, but let’s see how long before the next ’black swan’ wipes out retail.

Market watchers brace: With gas fees still high enough to fund a small nation, Ethereum’s ’ultrasound money’ narrative gets its quarterly stress test.

A clever crypto trader has recently drawn the community’s attention by restarting ethereum ($ETH) long position. As per the data from Lookonchain, the trader has restarted a huge 15K $ETH long position with 25x leverage after making significant profit. The on-chain analytics provider took to social media to provide insights into this noteworthy event.

Smart trader 0xcB92, who made $1.1M going long on $ETH 3 days ago, just went long $ETH again 4 hours ago.

He opened a 15,000 $ETH($38.57M) long position with 25x leverage, with a liquidation price of $2,441.9.https://t.co/89caaewDGe pic.twitter.com/ZM5KPLsHqV

Crypto Trader Again Opens $ETH Long Position after Realizing Huge Profit

The market data reveals that the trader has already gained a huge $1.1M in terms of profit only 3 days back. Hence, restarting an $ETH long position denotes the trader’s rekindled confidence in Ethereum ($ETH). In this respect, the position accounts for 15,000 $ETH, equaling $38.57M in total. The trader has placed a large bet by specifying 25x leverage.

This indicates the trader’s robust confidence in a potential near-term price upside of Ethereum ($ETH). The trader’s $ETH position has been placed only a few hours ago, while $2,441.9 is the liquidation price for it. This highlights the high-reward and high-risk nature of the respective trade.

Large Bet Underscores Strong Belief in Potential Price Upturn

According to Lookonchain’s data, the trader initially added $2.6M $USDC tokens and extracted the respective figure to Arbitrum. Subsequently, the trader moved on to start the $ETH long position. In this respect, the trader has a staggering $57,007 in realized profit, although this has incurred a $1,930 in terms of funding fees. While the trader has started such a big $ETH position, the market onlookers will be looking at the outcome of this bet while considering former success.