An anonymous Ethereum ETH/USD trader has booked massive profits from a long position as analysts now forecast a pullback toward $4,000 amid the broader market downturn.
What Happened: On-chain tracker Lookonchain reported a trader who compounded gains across two Hyperliquid accounts, turning $125,000 into $29.6 million for a staggering 236x return.
At peak, the trader’s position of 66,749 ETH was worth $303 million, taking the the paper profits to $43 million (344x). However, the trader has since closed all longs, securing $6.86 million in realized profit.
Meanwhile, institutional activity has been strong. Bitmine bought 373,110 ETH ($1.62B) last week, boosting its holdings to 1.5M ETH. Alongside BlackRock and SharpLink, the trio now control 0.91% of Ethereum’s total supply.
Also Read: Bitcoin, Ethereum, XRP, Dogecoin Plummet As Traders Eye $113,000 For BTC
What’s Next: Crypto Bully said ETH failed to V-reverse after weekend liquidations, warning of more downside before a bounce. He flagged $4,150 as a possible sweep level for a rebound toward the weekly open.
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Astronomer who earlier called the pullback from $4,600, maintains a $4,000 target, with mid-$3,000s as a worst-case dip. He plans to reload aggressively below $4,000 (mid-$3,000 worst case) but cautions patience.
The trader plans to get aggressive sub-$4,000 but warns against longing too early to avoid losses, emphasizing patience and capital preservation until the right entry.
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