Whale Closes Sizable ETH Short at a $1.88M Loss: On-Chain Data

• Lookonchain noted in a tweet today that a whale closed a large ETH short position.
• According to the firm, the position was closed at a loss of approximately $1.88 million.
• At press time, ETH was trading at $1,944.55 after it increased by 1.57%.

The blockchain tracking firm Lookonchain tweeted earlier today that a whale, who had entered into a short position for Ethereum (ETH) on 15 June 2023, had closed its short position a few hours ago. According to the post, the whale decided to close the position at a loss of approximately $1.88 million.

The leading altcoin’s price gained more than 1% over the past 24 hours according to CoinMarketCap. At press time, the crypto was trading at $1,944.55 after it increased by 1.57%. This positive daily performance had added to ETH’s already-positive weekly performance, which stood at +3.48% as a result.

From a technical perspective, ETH’s price was trading above the key $1,934.20 mark after it had flipped the resistance level into support over the past 24 hours. There was some selling pressure present at press time, which was evident by the wick above today’s daily candle.

Despite this sell pressure, technical indicators were in favor of bulls, suggesting that ETH’s price may continue to rise in the next 24-48 hours. If ETH can close today’s trading session above the aforementioned $1,934.20 benchmark, then it may potentially look to make a move toward $2,020.25 in the next few days.

In addition, the 9-day EMA line was positioned above the 20-day EMA line, and both of these technical indicators were positioned above the 50-day EMA line at press time. The orientation of these 3 EMA’s indicated that ETH was in a short- to medium-term bullish cycle and its price may continue to rise.

This bullish thesis will be invalidated if ETH is unable to close today’s trading session above the recently-flipped $1,934.20 level, however. In this scenario, the crypto will be at risk of falling down to the 50-day EMA line at around $1,840. Should the sell pressure continue, then it may even look to $1,778.05 for support in the following few days.

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