The cryptocurrency market faced a violent decline, with the price of Ethereum falling below the $3,100 level, while Bitcoin lost the critical $100,000 mark, triggering widespread liquidation and fear-driven selling. Panic quickly spread across the market, and sentiment turned sharply lower as traders rushed to reduce exposure, price targets disappeared from social media, and risk assets saw a series of exits. In such moments, emotions often trump fundamentals – and this week was a clear reminder of this dynamic.
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However, even in periods of acute fear, not all market participants behave in the same way. Some prominent players have begun to change their stance, hinting that strategic positioning may already be underway amid the panic. Among them there is the famous Anti-CZ Whale – a trader who gained attention after aggressively selling ASTER following Changpeng Zhao’s public post announcing the purchase of ASTER. This trade paid off handsomely as ASTER rose briefly and then rebounded sharply, generating tens of millions in unrealized profits.
Now, in a remarkable turnaround, this trader has gone from shorting Ethereum to buying, signaling renewed conviction despite the market’s emotional meltdown. With fear reaching its peak, advanced players may already be preparing for the next phase – which raises the question: Is this surrender…or opportunity?
The whale spins ETH as long as the market panic reaches its peak
According to Lookonchain, the well-known Anti-CZ Whale has implemented a notable wallet Convertswitching from shorting Ethereum to taking a long position of 32,802 ETH (~$109 million). Now, the whale holds a short position worth US$58.27 million (about US$59.7 million), indicating conviction that ASTER’s weakness may continue despite the recent volatility.
Besides, the whale holds a short position worth 1.99 billion kPEPE (about $11.3 million), a bet against speculative memcoin flows during the uncertainty. Meanwhile, the small buy price of 130,566 doge (~21.5K USD) appears to be more symbolic than directional, likely serving as a hedging tool or sentiment gauge rather than a major conviction play.
The notable move is clearly the buying of ETH, which indicates that whales view Ethereum’s price drop below $3,100 as oversold rather than structurally bearish. Taking such a position during peak fear indicates an expectation of recovery once forced liquidations subside and liquidity stabilizes. While broader sentiment remains fragile, this shift means that sophisticated capital may actually be positioned for an eventual rebound – cementing Ethereum’s role as a foundational asset even amid intense market pressures.
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ETH Price Technical Forecast: Testing Key Support with Ease of Panic Selling
Ethereum is trying to stabilize after a sharp collapse below the $3,500 area, with the price now reacting around the $3,300 area. This level corresponds closely with the 200-day moving average (red line), making it an important support area for the bulls to defend. The recent candlestick structure shows extreme volatility and high volume from the sell side, confirming that panic-driven liquidations are the primary force behind this move – rather than a fundamental shift in trend.
The aggressive run came after a series of lower highs throughout October, indicating weak momentum before the collapse. The 50-day and 100-day moving averages (blue and green) are currently trending lower and rising, adding pressure and strengthening the short-term bearish structure. A recovery above the 50-day EMA would be an early sign of strength, but Ethereum must reclaim the $3,500 area to regain bullish control.
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Trading volume has risen dramatically, indicating capitulation behavior – often near pivot points of the session. A wick near $3,150 suggests that buyers intervened aggressively at the lows, consistent with the accumulation dynamics observed among sophisticated traders. If ETH settles above the 200-day moving average and builds a base here, it could lead to a comfortable rally. However, a sustained break below $3,150 threatens a further decline towards $2,900 as pockets of liquidity remain thin below current levels.
Featured image from ChatGPT, chart from TradingView.com
The post Now Long $109M In Ethereum While Holding Massive Meme Shorts first appeared on Investorempires.com.
