A trader who previously accurately predicted a sharp price drop has reappeared in the Ethereum market. This time, they’re entering the game with a much larger bet: a short position with 20x leverage worth nearly $20 million.
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Major Player Returns as ETH Loses Ground
The wallet identified as 0xf83f…6728 opened a significant short position on Ethereum according to data from the Hyperbot platform. The trade reached a notional value of approximately $19.72 million with an average entry price around $1,565 per ETH.
The timing was far from random. After several weeks of decline, Ethereum approached crucial support around $1,500, where the next direction of the market is being determined. Shortly after opening the position, the price fell to the $1,550 level, bringing the whale an unrealized profit exceeding $100,000. However, this isn’t just about one aggressive trade, but a signal that some major players still don’t believe in a quick ETH recovery.
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Market Watches Battle Between Bearish Formation and Possible Reversal
From a technical perspective, Ethereum continues to move in an environment that favors bears. The bear flag formation suggests the possibility of further decline, with one potential target remaining around $1,365. If this scenario materializes, the whale’s current position could turn into a multi-million dollar profit even before accounting for fees and funding costs.
However, there’s a second scenario that could quickly turn the entire trade against the investor. In the $1,500 to $1,512 range, a possible double bottom is forming—a pattern that often precedes a trend reversal. If Ethereum could break above $1,850 and hold above this level, buyers might take control and push the price toward the $2,190 area. This would bring the whale closer to the liquidation zone near $2,150 and would show that even an experienced player can underestimate the market’s strength. These types of situations are therefore monitored not only by retail traders but also by analytical teams at companies like BITmarkets, because large leveraged positions can often temporarily increase market-wide volatility.
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