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In the fast-paced and unpredictable cryptocurrency market, even well-funded whales can quickly suffer significant losses. According to blockchain analyst Yu Jin'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, causing a loss of $430,000.

Can Ethereum Stabilize Above $1,800?

At the time of writing, Ethereum is currently trading at $1,840, and it is not yet confirmed 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 ongoing trade discussions between the US and China, although most market expectations are that the Fed will remain unchanged (Fedwatch predicts less than a 5% chance of a rate cut), it could still cause market volatility.

As for Bitcoin, it is currently fluctuating slightly around $97,000, and it will likely wait for the evening US stock market opening and the Federal Reserve's decision before showing a more obvious direction.