Assessing Ethereum whale’s $63M short bet and what’s next for ETH’s price

Ethereum became a focal point in the crypto world recently when a whale placed a $63M short bet, targeting the altcoin’s price resistance at $3,200-$3,400. The market is now eagerly anticipating the next move, questioning whether ETH could break through the aforementioned level. In fact, traders are on edge as they wait closely for Ethereum’s next move.

Hence, the question – Will Ethereum’s price reclaim the $3,200-$3,400 resistance zone, or will it fail to maintain momentum?

A $63M whale bet on Ethereum’s future

Ethereum’s whale took a major risk, shorting $63M worth of ETH with 3x leverage. If Ethereum [ETH] successfully breaks through the resistance zone, the whale could face significant losses, with a liquidation price of $4,545. 

Source: X

However, this bet might just be a calculated risk in the hopes that the market would reject the higher levels.

Is Ethereum set for a Q1 bullish rebound?

Historically, Ethereum has seen strong Q1 performances after a red Q4. With 2026 now underway, Ethereum’s price might be showing signs that it could follow this pattern yet again.

Traders are hopeful that the cryptocurrency would rally in Q1, driven by the market’s anticipation for a bullish rebound.

Source: X

Even if Ethereum fails to break the $3,400-resistance, Q1 could still be an opportunity for bulls. Especially if demand picked up around the altcoin’s lower support levels.

Ethereum’s $3,000 support, liquidity zones, and technical indicators

At the time of writing, Ethereum’s liquidity heatmap showed significant clusters around the $3,000-support level – A sign that a test of this zone may be likely if the $3,200-$3,400 resistance holds on. 

Source: CoinGlass

Large leveraged positions in this area have historically led to rapid price movements.

Finally, Ethereum’s price chart also highlighted the strong $3,200-$3,400 resistance, with an RSI of 70.60 indicating overbought conditions. The MACD showed a fall in bullish momentum, adding to concerns that the altcoin could fail to break through this level. 

Source: TradingView

If Ethereum fails to break through this resistance, a pullback to $3,000 may be likely – A level where liquidity could trigger a crucial price move.

Final Thoughts

• Ethereum faces significant resistance at $3,200-$3,400, with technical indicators signaling potential for a price pullback.
• The $3,000-support zone, backed by liquidity clusters, might serve as the next critical battleground if resistance holds on.