Whales Shift Strategies as Ethereum Sees Price Surge

According to BlockBeats On-chain Detection, recent monitoring by HyperInsight indicates a significant shift in trading strategies among major cryptocurrency holders, or 'whales,' following a notable increase in Ethereum's (ETH) price to approximately $3,890. This price movement appears to have prompted a change in support and resistance levels, leading several whales to close short positions across multiple cryptocurrencies. One whale, identified by the address starting with 0x7a9, closed short positions in ASTER and Bitcoin (BTC), reducing their nominal position value by nearly $15 million. The funds were then redirected to open a long position in ETH with a 20x leverage at an average price of $3,938, resulting in a current nominal position value of $12.12 million. Another whale, with an address beginning with 0x19a, closed a BTC short position, decreasing their nominal position value by approximately $10 million. This capital was used to establish a long position in ETH with a 6x leverage at an average price of $3,939, bringing the current nominal position value to $9.09 million. A third whale, identified by the address starting with 0x960, closed short positions in BTC and HYPE, reducing their nominal position value by about $2.6 million. The funds were then allocated to open a long position in ETH with a 15x leverage at an average price of $3,950, resulting in a current nominal position value of $9.07 million. These strategic shifts highlight the dynamic nature of cryptocurrency trading, particularly among large-scale investors, as they respond to market fluctuations and adjust their positions accordingly.