Ethereum extended its bullish momentum, reaching a local high of $2,385 before retracing to $2,317. The price surge triggered over $136 million in short position liquidations, while whale activity on futures markets intensified. One Matrixport-linked whale secured a $14.47 million profit by closing a large long position, though shorts faced significant losses. Market data shows a sharp increase in derivatives volume and a long/short ratio above 1, indicating prevailing bullish sentiment among traders.
Ethereum’s recent uptrend continued, pushing the asset to a high of $2,385 before a slight pullback to $2,317. This price movement resulted in the liquidation of over $136 million in short futures positions alongside $39 million in long positions. Market participation, particularly from large investors known as whales, increased significantly in the futures sector during this volatile period.
According to on-chain analytics provider Lookonchain, a whale associated with Matrixport closed a long position of 40,000 ETH, realizing a profit of $14.47 million. The same entity maintains an additional long position of 80,000 ETH, valued at approximately $188.4 million. Conversely, the whale identified as Pension usdt.eth held a leveraged short position on 10,000 ETH that was facing a loss of $3.46 million.
Derivatives trading volume for Ethereum rose by 60% to $86.7 billion, while Open Interest increased 4.4% to $33.2 billion. The aggregate Long/Short Ratio climbed to 1.04, with Binance Top Traders leading at 1.28, a figure above 1 that signals greater demand for long positions. Technical indicators, including the Moving Average Convergence Divergence (MACD) and Directional Movement Index (DMI), reflected strong upside momentum with buyers in control.
The positive DMI index rose to 35 while the negative index fell to 12, with the Average Directional Index (ADX) reading at 17. This configuration suggests the current move may represent a relief rally rather than a confirmed bull trend, according to analysis of moving averages. For a confirmed trend change, Ethereum would need to flip its long-term moving averages; failure could see a retrace toward $2,069.
