Ethereum Faces $53M Long vs Short Battle as ETH Hovers Near $1,800

Ethereum is witnessing a major clash between bullish and bearish traders, with two large positions opened on opposite sides of the market.

A crypto trader identified as 0xe069 has taken a 20x short position on 30,000 ETH, valued at approximately $53.49 million. The trader previously closed profitable long positions on BTC, ETH, and SOL, securing total gains of around $444,000.

Meanwhile, wallet 0x7fba has opened a 10x long position on the same amount of Ethereum, worth about $53.49 million. The trader has completed eight previous trades, winning six of them and recording total profits of roughly $3.1 million.

The opposing positions come as Ethereum trades near the key $1,800 level, with ETH currently priced around $1,782, down 1.1% over the past 24 hours.

Source: Lookonchain