Ethereum price on the upswing as Hyperliquid trader makes $86m profit
Ethereum’s price has dropped more than 53% from its 2024 high, wiping out $255 billion in market value and reducing its market capitalization from $482 billion to $227 billion.
Ethereum Ethereum eth 2.14% Ethereum has plummeted as concerns about the network persist. On Monday, analysts at Standard Chartered decreased their ETH price prediction from $10,000 to $4,000, citing the fundamental collapse of the network.
Many Ethereum investors have experienced losses with the continuing crisis. According to Santiment statistics, the percentage of total Ethereum supply in profit has plummeted to 47.6% – its lowest level since October 2023. The network’s realized loss has also hit its lowest point in nearly two years.
Not everyone is losing money on Ethereum.
According to CoinGlass data, one trader made $86 million by shorting Ethereum on Hyperliquid. The trader placed a $143 million short trade on March 3 when Ethereum was trading at $3,000.
By applying 25x leverage, the trader has profited as ETH plunged to $1,878 on Tuesday. His fundraising fee was $3.13 million, and his margin was $5.76 million. His position will be liquidated if Ethereum rebounds to $3,194.
Meanwhile, another trader lost $5.21 million after going long on Ethereum. This trader bought 18.6 ETH and applied 20x leverage. His trade will be liquidated if ETH falls below $1,725.
Ethereum price technical analysis
The daily chart shows that Ethereum remains below the critical support around $2,135 — the neckline of a triple-top pattern above $4,000. As indicators point to further downside, the Ethereum short-seller may continue to profit.
Ethereum price has formed a death cross pattern as the 50-day and 20-day moving averages flipped each other in February.
The coin is currently developing a bearish pennant pattern, which includes a long vertical line and a symmetrical triangle. The triangle is nearing its confluence point, suggesting that a bearish breakout could push Ethereum down to the psychological level of $1,500 — about 20% below its current price.