ETH at 2,246. Someone is quietly accumulating—and they know exactly what they’re doing.
ETH is now at 2,246, with an intraday low of 2,211. It looks weak on the surface: nearly $300 million in long positions were liquidated over the past 48 hours.
But the spot market tells a completely different story.
Over the past few hours, two addresses bought a combined 18,500 ETH, worth about $42.2 million.
One of them, 0x32c6, spent 19.7 million USDT to buy 8,773.5 ETH at an average price of 2,245. Its holdings have now reached 23,097 ETH, with an estimated cost basis of around 1,909. The last time this wallet bought this aggressively was five months ago.
The other, 0x4AB7, withdrew 9,777 ETH directly from an exchange to its own wallet. Not withdrawing coins is trading; withdrawing them is holding. Those are two completely different things.
There’s an even more aggressive player: a trader who claims to be on a ten-trade winning streak opened a roughly $4.53 billion notional long position on 20,277 ETH using 25x leverage. The position is already up $250,000. Their first 10 trades were all winners, for a cumulative profit of $6.32 million.
Some are calling for a bullish move, but the real risk lies below.
If ETH falls below 2,130, the cumulative long-liquidation exposure across major centralized exchanges is $901 million. That’s a minefield—and once ETH enters it, things could move fast.
My view: ETH is forming a bottom, but it hasn’t bottomed out yet.
What’s the difference? Forming a bottom means testing the level repeatedly; a bottom is a one-time reversal. Clearly, we’re seeing the former.
So scale into your position in layers: 2,200 to 2,250 is the first tranche, and keep a second tranche in reserve above 2,130. If 2,130 breaks, don’t buy the dip—let the market find its own footing.
First, watch 2,420, the previous high. Only a move above it would signal a structural reversal.
ETH is now at 2,246, with an intraday low of 2,211. It looks weak on the surface: nearly $300 million in long positions were liquidated over the past 48 hours.
But the spot market tells a completely different story.
Over the past few hours, two addresses bought a combined 18,500 ETH, worth about $42.2 million.
One of them, 0x32c6, spent 19.7 million USDT to buy 8,773.5 ETH at an average price of 2,245. Its holdings have now reached 23,097 ETH, with an estimated cost basis of around 1,909. The last time this wallet bought this aggressively was five months ago.
The other, 0x4AB7, withdrew 9,777 ETH directly from an exchange to its own wallet. Not withdrawing coins is trading; withdrawing them is holding. Those are two completely different things.
There’s an even more aggressive player: a trader who claims to be on a ten-trade winning streak opened a roughly $4.53 billion notional long position on 20,277 ETH using 25x leverage. The position is already up $250,000. Their first 10 trades were all winners, for a cumulative profit of $6.32 million.
Some are calling for a bullish move, but the real risk lies below.
If ETH falls below 2,130, the cumulative long-liquidation exposure across major centralized exchanges is $901 million. That’s a minefield—and once ETH enters it, things could move fast.
My view: ETH is forming a bottom, but it hasn’t bottomed out yet.
What’s the difference? Forming a bottom means testing the level repeatedly; a bottom is a one-time reversal. Clearly, we’re seeing the former.
So scale into your position in layers: 2,200 to 2,250 is the first tranche, and keep a second tranche in reserve above 2,130. If 2,130 breaks, don’t buy the dip—let the market find its own footing.
First, watch 2,420, the previous high. Only a move above it would signal a structural reversal.