Revenge trading goes wrong as whale losses $1.88 million on ETH shorts

A crypto whale has lost approximately $1.88 million after their ETH short position failed to yield the desired result. The price of ether (ETH) has continued its bullish momentum this week. 

Most likely fueled by a desire to recover losses from an initial liquidation, the whale decided to double down on the short position on ether.

However, the price of ETH kept soaring higher, resulting in a $1.88 million loss for the trader.

You might also like: Crypto whale goes long on ETH, hinting at possible price jump

Ether price analysis 

At press time, ETH is trading at around $1,963.44, representing a 2.4% increase over the past 24 hours and a 4.59% increase in the weekly timeframe.

Ether has a circulating supply of 120 million ETH and a market cap of $235.8 billion, according to CoinGecko.

Revenge trading goes wrong as whale losses $1.88 million on ETH shorts - 1

Over the past 14 days, the price of ETH has surged by 13.9%, reflecting a positive market sentiment for the second-largest cryptocurrency. While the support on the daily timeframe remains at the $1,800 level, traders must exercise caution and not overlook potential market risks.

On the upside, the resistance level at $2100 poses a significant challenge for ETH’s upward movement. 

On the monthly timeframe, the RSI value for ethereum currently stands at 58.38. This suggests a favorable balance between buying and selling pressure, indicating a stable market sentiment. However, traders should remain vigilant as market dynamics can change rapidly.

Read more: Whale sells 10k BNB after two years of inactivity
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