ETH Rebound Triggers $1.7M Loss for Trader Who Missed $11M Exit

ETH Bounce Costs Trader $1.7M After Missing $11M Cash-Out

A high-profile Ethereum trader, known by wallet address 0xCB92C, has once again found himself on the losing end of a volatile market. Despite holding more than $11 million in unrealized profits just a day ago, the trader failed to exit the position in time. As Ethereum surged past $3,660, he chose to cut losses, locking in a staggering $1.7 million deficit.

This isn’t the first time the trader has missed the opportunity to cash out at a high. In a previous instance, he was up by over $26 million before the market turned against him. Instead of securing gains, he ultimately exited that position with a $716,000 loss, repeating a pattern of holding too long.

SharpLink Acquires 18,680 ETH in Major Purchase

SharpLink Gaming has made another significant Ethereum acquisition, securing 18,680 ETH, worth approximately $66.63 million, just 15 minutes ago.

The purchase was made through Galaxy Digital’s OTC (over-the-counter) desk, according to blockchain tracking platform Lookonchain. This move reinforces SharpLink’s aggressive crypto positioning amid broader market developments.

Lookonchain data

Following this transaction, SharpLink’s Altcoin reserves have climbed to an estimated 498,711 ETH. At current prices, that equates to a staggering $1.81 billion in holdings.

Transaction records confirm the inflow of ETH from Galaxy Digital’s wallet to SharpLink’s designated address. The activity underscores the company’s ongoing strategy to consolidate large crypto positions.

This development places SharpLink among the more prominent institutional holders of Altcoin, suggesting a long-term bullish outlook.

Ethereum Rebounds Sharply, Eyes Key Resistance Level

The price is trading at $3,681.16, showing a 4% gain within the last 24-hour session.

Ethereum is witnessing a short-term bullish momentum as it trades inside an ascending channel. After recently reaching near the $3,400 level, Buyers came in strong. This bounce has taken Altcoin above $3,650, and the subsequent price action has tested the resistance of $3,700.

The Relative Strength Index (RSI) currently stands at 61.68 and this shows that the strength of the momentum is on the rise and is not yet overbought. This implies that there is possibility of even more gains in the event that buying pressure is sustained.

Source: Tradingview

Further, the Moving Average Convergence Divergence (MACD) has become bullish. The MACD line has been crossed on top of the signal line, with the current value being 31.95. The green histogram bars are also rising, which indicates a rising bullishness in the short term.

ETH Price is currently testing a significant resistance level of $3,700 and $3,800. Breaking this level results in Altcoin potentially opening the door to retesting recent highs. Nevertheless, the inability to trade higher than the $3,650 level could trigger new selling activity.

The current levels of support can be observed at the levels of $3,600 and $3,500 but the latter price point is a potent psychological as well as technical support floor.