A cryptocurrency trader has made nearly $16 million by shorting Ether as its price declined. The trader gained $15.7 million in unrealized profit on a hefty 50x leveraged short position, initially opened when ETH was priced at $3,388. Additionally, the trader earned $2.3 million in funding fees from this position. Although leveraged trading can enhance returns, it carries substantial risks, including the possibility of losing the entire investment, as seen in a January 2024 incident where a trader lost over $161,000 following a liquidation. On February 2, Ether's price dropped over 4% to around $3,107, touching a daily low of $3,068 while remaining above the $3,000 mark. Experts suggest Ethereum needs to boost adoption and collaborate more with private and public sectors to combat its ongoing downtrend and face competition from other layer-1 protocols. Resistance remains strong at $3,240, where significant liquidations could occur if the price surpasses this level.

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