Ethereum News: Short-Term Rally and Whale’s Long Position Amid Bearish Sentiment

A look at the current trading price and recent developments of Ethereum (ETH), including a short-term rally and a whale’s significant long position.

Ethereum (ETH) Price Prediction for March 12

The current trading price of Ethereum (ETH) is $1,916, showing a short-term rally amid broader bearish pressures. It has gained 0.96% in the last 24 hours, indicating buyers are stepping in, but the long-term sentiment remains cautious with a 27.30% drop in the past 30 days. Technical analysts note the 10-day and 20-day moving averages converging NEAR the current price, hinting at potential short-term support.

$ETH Whale Takes 50x Long Position After $3.48M Deposit into HyperLiquid

An Ethereum ($ETH) whale has deposited $3.48 million $USDC into HyperLiquid and opened a huge long position on Ethereum (ETH) with 50x leverage. This follows a previous successful deal when the whale made $2.19 million in only 48 hours, displaying his confident trading approach and bullish sentiment towards ETH.

Ethereum Price Eyes Rally After 2 Years

Ethereum’s price recently fell below the Realized Price for the first time in two years, causing the MVRV ratio to decline by approximately 7%. This presents a potential bullish signal as Ethereum rebounded strongly after facing a similar situation previously. Some market participants hope for a recovery similar to the past pattern.

HYPE Sinks 8.5% Due to Whale Liquidation

A massive liquidation event involving a whale’s $340 million ETH position has caused an 8.5% price drop for Hyperliquid’s native HYPE token. The event also resulted in a $4 million loss for the platform’s HLP vault, sparking concerns among traders and investors. While rumors suggested a potential exploit, Hyperliquid clarified that the event stemmed from a margin withdrawal reducing the trader’s collateral below maintenance levels. The whale used high leverage to build a long position with 175,000 ETH.