Ethereum trader earns $16M as ETH price falls to $3K
A savvy cryptocurrency trader profited nearly $16 million through leveraged trading on Ether as its price declined. The trader's long position, opened at a price of $3,388 with 50x leverage, resulted in $15.7 million of unrealized profit. Additionally, the trader accrued $2.3 million in funding fees. While such trading strategies can yield high returns, they also come with significant risks, as illustrated by the case of another trader who lost over $161,000 due to liquidation. On February 2, 2025, ETH was trading at approximately $3,107, having fallen more than 4% within 24 hours. Experts indicate that for Ethereum to regain upward momentum, it needs to see increased adoption and collaboration with public and private sectors. The current resistance level stands at $3,240, with potential short liquidations looming above this mark.
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