- Ethereum breaks $2,000, turning massive long position into profit.
- Whale’s 105,000 ETH long position flips to $1 million profit.
- Ethereum’s price rebound fuels optimism, eyeing potential $2,100 breakout.
Ethereum, the second-largest cryptocurrency, saw a remarkable rise, breaking the $2,000 mark on Saturday and pushing a $105,000 long position into profit. After a two-day dip, Ethereum bounced back from $1,895 on February 12, reaching an intraday high of $2,090, fueling optimism in the crypto market.
Ethereum Long Position Flips from Loss to $1 Million Profit Amid Market Rebound
A massive long position of 105,000 ETH, initially linked to a whale associated with Matrixport, had been under water when Ethereum’s price fell to $1,901. However, with the price rebound above $2,000, the position flipped from a loss into profit, netting an impressive $1 million.
The whale, who entered at $2,048 per ETH, had faced a loss of over $10 million when the market dipped. Now, with Ethereum pushing past $2,000, the situation has changed drastically. Lookonchain, which tracked the whale’s activity, pointed out that the whale may be tied to wallets 0x6C85 and 0xa5B0, which have used Tron-to-Arbitrum fund transfers and moved assets to Hyperliquid. These actions, in part, are believed to be behind the whale’s sizable position in Ethereum.
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This surge in Ethereum’s price follows a positive reaction to a recent CPI report, showing a 2.4% year-over-year increase for January, which was lower than expected. This has stirred hopes for potential interest rate cuts from the Federal Reserve, helping boost the market’s confidence.
Ethereum’s Price Outlook: Bulls Eyeing $2,100 and Beyond
Ethereum’s bounce back has fueled fresh speculation on its price potential. Experts like crypto analyst Ted Pillows suggest that a break above the $2,100 level could signal a move toward the $2,300 to $2,400 range. Ethereum’s ability to regain the $2,000 mark and hold it could lead to further upside, particularly if the broader market continues its positive trajectory.
As of now, Ethereum is up 7.15% in the last 24 hours, trading at $2,033, signaling that the bullish momentum may continue into the coming days. The recovery above $2,000 is not just significant for Ethereum but also for the crypto market, which is seeing renewed optimism.
Ethereum’s resurgence has brought a long position back into profit and restored faith in its potential for further growth. With analysts predicting more upside, Ethereum’s path toward the $2,100 mark and beyond remains a key focal point for traders.
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