Ethereum (ETH) is showing signs of weakness near the $2,750 resistance level, as a well-known crypto trader has opened a $60.8 million short position, sparking concerns of a potential pullback.
Smart Trader Bets Against Ethereum Near Key Resistance
According to on-chain data from Lookonchain, the trader behind wallet 0xcB92—known for correctly shorting Ethereum ahead of the June 6 correction—has re-entered the market with a massive short. The position involves 21,963 ETH, with a liquidation price of $2,948, and is already showing unrealized gains of $187,000.
This trader has earned over $5.18 million through previous ETH trades, lending credibility to their latest bearish move.
Whale Accumulation Contrasts Bearish Bets
Despite the short position, whale accumulation continues at a strong pace. In the past 24 hours:
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Wallet
0xc097withdrew 13,037 ETH ($35.5M) from Binance. -
Abraxas Capital moved 44,612 ETH ($123M) off Binance and Kraken.
These actions reflect long-term confidence in Ethereum, even as short-term sentiment appears mixed.
Analysts Warn of Repeated Resistance Failures
Crypto analysts remain cautious. Ali Martinez pointed out Ethereum’s failure to convincingly break $2,750 in multiple attempts since May. He highlighted a trading range between $2,380 and $2,750, suggesting a possible retest of $2,500 or even $2,380 if ETH cannot sustain upward momentum.
Crypto Caesar echoed this view, labeling the $2,700–$2,750 range as a “red zone”. A decisive breakout could lead to altcoin rallies, but failure to hold above this level may delay bullish confirmation.
Technical Indicators Signal Weak Momentum
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RSI sits at 65.35, near overbought territory, hinting at a potential reversal if buying weakens.
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MACD shows minimal divergence between the MACD and signal lines, indicating low bullish momentum.
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ADX is at 22.7, reflecting a weak trend strength and the potential for continued consolidation.
Veteran analyst Peter Brandt emphasized a long-term support level at $2,390, warning that a breakdown could send ETH to $2,150, while a breakout could propel it toward $4,000.
Ethereum’s Next Move: Breakout or Breakdown?
ETH recently surged 3.5% in the past 24 hours, briefly trading above $2,800. Yet analysts agree: $2,750 remains the make-or-break level. Until Ethereum closes decisively above this resistance with strong volume, its direction remains uncertain.