Ethereum Price Crash Imminent?
- Intraday traders have placed $330 million in short positions.
- Despite the bearish outlook, a crypto whale has withdrawn $5.27 million worth of ETH.
Ethereum [ETH] and other cryptocurrencies have significantly tumbled following U.S. President Donald Trump’s tariff announcement. It’s like the whole world has come crashing down, and we’re all just standing here, wondering what hit us. 
BREAKING: Trump's Tariffs May Rock EUR/USD!
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View Urgent ForecastApparently, most countries will now face a 10% tariff, while China, the EU, and Japan were hit harder with tariffs of 34%, 20%, and 24%, respectively. Because, of course, they had to make it interesting. 
This development has caused a sharp decline in the overall cryptocurrency market. I mean, who needs stability when you can have drama, right? 
Meanwhile, Ethereum has dropped over 4.50% and was trading near the $1,800 level at press time, which appeared to be a make-or-break point for the upcoming price levels. It’s like the whole world is holding its breath, waiting for something to happen. 
Ethereum price action and upcoming levels
According to AMBCrypto’s technical analysis, ETH appeared bearish and was on the verge of a significant price decline. It’s like the asset was saying, “You know what? I’m out of here.” 
On the daily time frame, the asset seemed to have formed a bearish cup and handle pattern and was at the neckline. It’s like the asset was waiting for the perfect moment to make its move. 
Based on historical price momentum, if ETH breaches the neckline and closes a daily candle below the $1,770 mark, a massive sell-off could follow. It’s like the asset is saying, “You thought you were safe? Think again.” 
The price could drop by 15% until ETH reaches the next support level at $1,500. It’s like the asset is taking a deep breath and saying, “I’m going down, and you can’t stop me.” 
ETH was trading below the 200-day Exponential Moving Average (EMA) at press time, which signaled a bearish trend that further strengthened the bearish outlook of the asset. It’s like the asset is saying, “I’m a lost cause, just give up.” 
Whales’ recent activity
Amid this price decline and bearish market sentiment, investors and whales seemed to be taking advantage of the dip and continuing to accumulate tokens. It’s like they’re saying, “Hey, while you’re busy panicking, we’ll just quietly buy up all the assets.” 
Recently, blockchain-based transaction tracker Lookonchain revealed on X (formerly Twitter) that a crypto whale withdrew a significant 2,774 ETH, worth $5.27 million, from the Binance cryptocurrency exchange. It’s like the whale is saying, “I’m out of here, and I’m taking my money with me.”
Additionally, the same whale has withdrawn over 16,415 ETH, worth nearly $43.90 million, from Binance at an average price of $2,676. It’s like the whale is saying, “I’m not just leaving, I’m taking a big chunk of the market with me.” 
This indicates a “buy-the-dip” strategy, as despite the continued price decline, the whale appeared to be averaging their ETH holdings at lower levels. It’s like the whale is saying, “I’m not worried about the price, I’m just going to buy it all up.”
Traders’ $330 million bearish bet
Looking at on-chain metrics, ETH appeared weak and poised for a price crash. It’s like the whole market is saying, “We’re all in on this bearish bet.” 
At press time, traders were over-leveraged at $1,783 on the lower side, where they have built $115 million worth of long positions, while $1,848 is another over-leveraged level with $330 million worth of short positions. It’s like the traders are saying, “We’re all in on this bearish bet, and we’re not going to back down.” 
These massive over-leveraged positions reflect the true market sentiment, which appears bearish. It’s like the whole market is saying, “We’re all in on this bearish bet, and we’re going to make a killing.”
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2025-04-03 19:08