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<p class="is-style-lead">A crypto whale has lost approximately $1.88 million after their ETH short position failed to yield the desired result. The price of ether (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>) has continued its bullish momentum this week.&nbsp;</p> 
<p>Most likely fueled by a desire to recover losses from an initial liquidation, the whale decided to double down on the short position on ether.</p> 
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   <p lang="en" dir="ltr">The whale finally decided to stop the loss and closed the short position on <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> 6 hrs ago, with a loss of ~$1.88M.<br><br>The whale shorted <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> on June 15 and continued to increase his position as the price of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> rose.<a href="https://t.co/DHgYPXoNov" target="_blank">https://t.co/DHgYPXoNov</a> <a href="https://t.co/XFrShqfat2" target="_blank">pic.twitter.com/XFrShqfat2</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1675736519771066368?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 3, 2023</a>
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<p>However, the price of <a href="https://crypto.news/price/ethereum/">ETH</a> kept soaring higher, resulting in a $1.88 million loss for the trader.</p> 
<p> You might also like: <a href="https://crypto.news/crypto-whale-goes-long-on-eth-hinting-at-possible-price-jump/"> Crypto whale goes long on ETH, hinting at possible price jump </a> </p> 
<h2 class="wp-block-heading" id="ether-price-analysis">Ether price analysis&nbsp;</h2> 
<p>At press time, ETH is trading at around $1,963.44, representing a&nbsp;2.4% increase over the past 24 hours and a 4.59% increase in the weekly timeframe.</p> 
<p>Ether has a circulating supply of 120 million ETH and a market cap of $235.8 billion, according to <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noopener">CoinGecko</a>.</p> 
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<p>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. </p> 
<p>On the upside, the resistance level at $2100 poses a significant challenge for ETH’s upward movement.&nbsp;</p> 
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<p>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.</p> 
<p> Read more: <a href="https://crypto.news/whale-sells-10k-bnb-after-two-years-of-inactivity/"> Whale sells 10k BNB after two years of inactivity </a> </p>

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

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