Ethereum Bear Sitting On $4.25 Million In Unrealized Profits, But Analysts Say The Next Move Is Up

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Bearish trader adds to their $213 million ETH short position amid recent price bounce.
Analysts see consolidation but expect bullish breakout toward $4,000+ once supply pressure clears.
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Though one notorious whale trader continues to bet against Ethereum ETH/USD, broader sentiment among analysts remains bullish on the altcoin.

What Happened: One notorious Ethereum bear with the wallet ending 0xCB92 has once again shorted Ethereum, adding significantly to their already massive bearish bet.

Following a bounce above $3,700, the wallet sold 915 ETH and 1.49 million ARB, depositing $3.98 million in USDC to Hyperliquid to continue shorting the asset.

Originally, they held a 27,000 ETH short worth $99.27 million with a liquidation price of $3,852.4.

The wallet ramped up the position to 60,000 ETH, valued at $213.5 million, and is currently sitting on over $4.25 million in unrealized profits.

Despite this aggressive shorting, on-chain data from Glassnode shows Ethereum spot ETF inflows remain positive, even if slower than the July surge, and investor appetite hasn’t flipped to net outflows.

Also Read: Ethereum Reclaims $3,600: When Will The $4,000 Resistance Break?

What's Next: Several crypto analysts see Ethereum strength building behind the scenes, in contrast to 0xCB92's bearish stance.

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Astronomer notes ETH making higher lows while sentiment remains low, a classic setup for a breakout. He continues to target $4,000+, expecting one more local low before a major leg up.

Ash Crypto points to Ethereum's consistent reclaim pattern since its April reversal. Each dip below key levels has been followed by strong upside moves, a trend he sees repeating.

Meanwhile, Pentoshi predicts Ethereum may consolidate within a wide range for a while.

He attributes slowing momentum to the ETH unstaking queue and supply overhang, noting that higher prices unlock more supply, which takes time to be absorbed by the market.

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