Major Ethereum Trader Suffers $69.69 Million Loss

A major Ethereum trader was severely affected by the recent market crash, with their position liquidated at 28,716 ETH, equivalent to $69.69 million. Despite these losses, the trader did not reduce their positions and continues to hold 78,955 ETH in long positions, valued at approximately $195.57 million. Currently, the liquidation prices are at $2,299.09 and $2,286.28. These levels are important as they are near a key support zone on the chart. After a significant drop from $2,700 earlier this week, ETH is now trading around $2,499. On Thursday, the price fell to about $2,405 before buyers managed to push it back up.

At the moment, the coin is on the blue average, which is close to $2,505, remaining below the cyan average at $2,555 and the green average around $2,600. The strongest support level is lower: the orange average is around $2,340, while the black long-term line is close to $2,298. The trader's liquidation levels exactly match this black line. If ETH falls to $2,298, it could lead to a forced liquidation of the position and increased selling, which in turn would cause a faster price decline. This week, the pressure on ETH has been particularly strong. During the drop, trading volume increased, and the relative strength index (RSI) fell to 40, indicating weakness but not extreme. The latest daily candle is green, but trading volume is still low, suggesting that the rebound is not yet confirmed. Bulls should aim for a daily close above $2,555. Once this first target is reached, levels of $2,600 and $2,700 will come into focus. If the price exceeds $2,800, the current range will be broken.

The situation has remained unchanged since September. For bears, a price drop below $2,400 will confirm the failure of the rebound. The next support levels are at $2,340 and $2,300, where the risk for the trader begins. ETH must hold at $2,400 to ensure a broader upward trend. In this case, the price will gradually return to $2,600. Otherwise, the $2,300 area will become the main target, and trader liquidations may contribute to further declines.