Crypto aficionado Machi Big Brother takes a swing at recovering some of the multi-million loses with this big ETH play.
Taiwanese musician & digital art collector Huang Licheng a.k.a Machi Big Brother is back making relentless long plays on Ethereum’s (ETH) price. This time, this major-scale crypto whale slapped 284,000 USDC on a 25x leveraged Ether position, currently worth nearly $10 million as ETH is rocking the $3,888 price tag.
Whale Loses Big, Is Still Convinced Of Ether’s Rebound
Last week, the seasoned trader’s conviction on Ethereum’s (ETH) price growth cost him $13.7 million, wiping out a previously profitable, but still over-leveraged position. Machi Big Brother, the celebrity crypto whale behind this Ether (ETH) play, has previously made $44.84 million.
However, Ether’s quick dip below $3.7K in the previous week has caught Machi off guard, so the crypto whale succumbed to massive losses on his play due to high leverage. Checking the monthly Ethereum (ETH) price data, we can establish that a double bottom at around $3.8K was hit twice in 30 days, while the one dip below $3.7K stands out as the crypto bull beater.
How’s Ethereum Whales Responding To Market Turmoil?
If the liquidation price of $3,713 doesn’t come into play, this Ethereum (ETH) long price position could make up for some of Machi Big Brother’s previous losses, as the unrealized profit already sits at $272K. However, the overall monthly perspective paints an eye-watering picture with a $35 million deficit, according to HyperDash blockchain explorer.
Do other crypto whales feel as courageously bullish on Ether? Chaikin Money Flow (CMF), the go-to large investor tracking device, paints a slight advantage for the bulls. If Ethereum’s (ETH) believers continue to acquire positions at the $3.9K level, a $4K price breakthrough is imminent. If sustained, Fibonacci’s tiered system suggests $4,356 to be the key target in the short-term.
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