Key Insights :
- A whale bought 1,371.87 ETH spot at $2,551 and opened a 3x long with $3.5M USDC on Hyperliquid.
- ETH holds nearly $2,530, with whale positions almost breaking even. The liquidation price for the leveraged trade is $1,465.
- Over $181M in ETH long liquidations occurred around May 8–9, followed by a sharp price rally above $2,800.
Ethereum’s price has seen increased activity recently, with a large investor making a high-stakes move. A whale deposited $7 million USDC into the decentralized exchange Hyperliquid.
This was split equally between a spot ETH purchase and a 3x leveraged long position. The investor purchased 1,371.87 ETH at $2,551.
They invested the remaining $3.5 million in a leveraged long position at an entry price of $2,550.42. This has raised interest in whether ETH can maintain support around $2,500 and move toward the $3,000 mark.
Whale Activity Sparks the Ethereum Price Discussion
Large wallet activity is often seen as a potential indicator of confidence. This wallet now holds nearly $6.9 million in ETH-related positions.
According to on-chain data, UETH holds around $3.47 million. On the other hand, $3.44 million is placed in a leveraged ETH long.
At the time of analysis, the spot position of 1,371.87 ETH has a slight unrealized loss of 0.81%, totaling around $28,000. The 3,137 ETH-USD perpetual contracts have a small loss due to a slight price drop below the entry point.
The position is leveraged, meaning it has borrowed funds to amplify potential gains or losses. The liquidation price is $1,465, which is still far from the current Ethereum price. There is a comfortable margin before the position faces any risk of liquidation.
This level of commitment from a whale could signal price recovery expectations. The entry points above $2,550 show confidence that ETH will hold the current support zone. It also reflects a calculated risk profile, using leverage with a relatively safe margin.
Ethereum Price Trading Volatility Remains High
Recent market conditions for Ethereum have been marked by volatility. Over the past month, ETH has seen rapid price movements.
According to Coinglass data, long liquidations spiked above $181 million around May 8–9 after a sharp drop in Ethereum price. This was followed by a rally that pushed the price above $2,800, causing heavy short liquidations.
As of now, ETH is trading around the $2,530–$2,550 range. Despite a modest price decline from recent highs, open interest in ETH perpetuals remains strong.
Traders continue to take positions, but the risk of sharp reversals has increased. Liquidation data also shows that long and short positions are frequently cleared.
This pattern reflects uncertainty in the market. While some expect a bounce from current levels, others are bracing for a possible breakdown.
The high volume of liquidations also indicates many traders are using leverage, making the market more reactive to price shifts.
Technical Levels to Watch Near $2,500
The $2,500 mark has been a short-term support for the Ethereum price over the past week. Around this area, the price keeps rebounding, yet each time the rebound is followed by selling. Many traders are hoping to see if ETH will stay above this point.
Should ETH exceed $2,500 with higher volumes, this can cause further liquidations. The price might fall to around $2,300 or even drop lower. However, if ETH holds its price above $2,500, it may set the stage for an increase.
Key resistance lies near $2,800, which was tested earlier this month. A clean break above that level could open the door to $3,000. This would require substantial buying volume and continued interest from spot and derivatives traders.
Market Sentiment and Forward Outlook
Sentiment is split among both retail and institutional traders in the market. The aggregated data confirms that long-term holders are buying more ETH than ever. The number of daily trades on the exchange is lower than before, since fewer assets are left in wallets.
On the other hand, what happens with interest rates and the general crypto market can affect ETH. The movement of Bitcoin’s price can affect where ETH is headed in the short term. If BTC starts going higher, ETH may also increase.
Whale’s large trade on Hyperliquid has increased the possibility of a short-term climb to $3,000. Since ETH has yet to move decisively above the entry price, additional signals are required.
The level to observe for traders in the days ahead is $2,500, as either side could influence where Ethereum heads next.