In the fast-paced and volatile cryptocurrency market, even well-funded whales can quickly suffer significant losses. According to on-chain analyst Yu's afternoon post, a whale who recently shorted ETH near the $1,800 price level chose to close the position and repay. The short position was as high as 10,000 ETH, resulting in a loss of $430,000.
Can Ethereum hold above $1,800?
At the time of writing, Ethereum is currently trading at $1,840, and it remains uncertain whether this is a true breakthrough, especially with the Federal Reserve set to announce the latest May interest rate decision at midnight (estimated around 2 AM), and with ongoing US-China trade negotiations. Although the market mostly expects the Fed to remain unchanged (with less than a 5% probability of a rate cut according to Fedwatch), it could still cause market volatility.
As for Bitcoin, it is currently fluctuating slightly around $97,000, and its direction will likely become clearer after the evening US stock market opening and the Federal Reserve's decision.
