As Ethereum prices soar, whales change their strategy.

Recent monitoring by HyperInsight shows that after the price of Ethereum (ETH) surged to around $3,890, the trading strategies of major crypto assets holders (also known as “whales”) underwent a significant shift. This price movement seems to have caused changes in support and resistance levels, leading some “whales” to close their short positions on various crypto assets. One whale, whose address starts with 0x7a9, closed its short positions on ASTER and Bitcoin (BTC), reducing its notional size by nearly $15 million. Subsequently, these funds were redeployed to build a long position in ETH with 20x leverage at an average price of $3,938, resulting in a current notional size of $12.12 million. Another whale, with an address starting with 0x19a, closed its short position on BTC, reducing its notional size by approximately $10 million. This capital was used to establish a long position in ETH with 6x leverage at an average price of $3,939, bringing the current notional position value to $9.09 million. A third whale, whose address begins with 0x960, closed its short positions on BTC and HYPE, decreasing its notional position size by about $2.6 million. This capital was then used to build a long position in ETH with 15x leverage at an average price of $3,950, resulting in a current notional position value of $9.07 million. These strategic shifts highlight the dynamism of cryptocurrency trading, particularly among large investors who react to market fluctuations and adjust their positions accordingly.