Ethereum News Today: Ethereum Bear Banks $4.25 Million Profits As Analysts Predict Upward Breakout

A prominent Ethereum bear, identified by the wallet address ending in 0xCB92, has continued to short the asset despite rising optimism among analysts. The trader initially held a short position of 27,000 ETH, valued at $99.27 million, with a liquidation price of $3,852.4. After a price rebound above $3,700, the bear increased the position to 60,000 ETH, worth $213.5 million, and is now holding over $4.25 million in unrealized profits. To maintain the bearish bet, the wallet sold 915 ETH and 1.49 million ARB, depositing $3.98 million in USDC into Hyperliquid [1].

Despite these bearish actions, Ethereum’s broader market sentiment remains positive. On-chain data from Glassnode indicates that Ethereum spot ETF inflows are still positive, though at a slower pace compared to the July surge. Investor demand has not yet turned into net outflows, signaling that the market remains in a bullish phase [1].

Crypto analysts are also expressing cautious optimism. One analyst highlighted that Ethereum has been forming higher lows despite low investor sentiment, a typical pattern that often precedes a breakout. He continues to target a price above $4,000, expecting one more local low before a major upward move. Another analyst, Ash Crypto, noted Ethereum’s consistent pattern of recovery after dipping below key support levels since its April reversal. He anticipates this trend to continue [1].

Pentoshi, another market observer, suggested that Ethereum may consolidate within a wide range for a while. He attributed the slowing momentum to the ETH unstaking queue and a supply overhang, pointing out that higher prices unlock more supply, which takes time to be absorbed by the market. According to him, this could lead to prolonged consolidation before the next significant price movement [1].

The bearish position held by the Ethereum bear contrasts with the broader analytical view that the cryptocurrency is gaining strength. While the whale remains confident in its short-term bearish outlook, the market’s structural fundamentals and investor behavior are indicating a potential upswing. As on-chain flows and price patterns continue to align with bullish signals, the outcome of this trade remains a closely watched development in the crypto community [1].

Source: [1] Ethereum Bear Sitting On $4.25 Million In Unrealized Profits, But Analysts Say The Next Move Is Up (https://www.benzinga.com/crypto/cryptocurrency/25/08/46866380/ethereum-bear-sitting-on-4-25-million-in-unrealized-profits-but-analysts-say-the-next-move-is-up)