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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ethereum Poised To Break $2,000 As $12 Million Short Seller Nears Liquidation

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Ethereum

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The Ethereum price has followed Bitcoin’s lead and has seen a 10.3% price increase over the past seven days. News of BlackRock’s Bitcoin spot ETF filing with the US Securities and Exchange Commission took the entire market by surprise and also breathed new life into altcoins. For one trader on the decentralized perpetual exchange GMX, however, the news is not really good news, but rather a nightmare.

Ethereum Short Seller Getting Rekt?

The largest short seller on GMX is using 6.64x leverage to short Ether (ETH) at an entry price of $1,703.97. A total of $1.8 million of collateral is at stake for the anonymous trader. At press time, the position was down 77.4% for a total of -$1.416 million.

gmx ETH short seller
GMX ETH short seller | Source: GMX

As it stands, the trader’s short position of about $12 million in ETH will be liquidated when the Ethereum price reaches $1,945.18. According to a report from Chinese journalist Colin Wu, it could be the owner of rebelvarma.lens.

As popular analyst An Ape’s Prologue speculates, the ETH short seller could even double down on his bet. As the analyst writes, the consensus assumes that the short position will be liquidated when ETH reaches $1945. However, there are limit orders that could add a total of $149,000 to the trader’s collateral within the $1935 and $1945 price range. If triggered, this could increase the liquidation price to around $1967.

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The analyst’s chart below shows how his liquidation price changes with ETH price swings. Until Ethereum reaches $1935, the liquidation price remains at $1945, but limit orders are triggered when ETH enters the $1935 and $1945 range, increasing the liquidation price to $1967.

Liquidation price of Ethereum short seller on GMX
Liquidation price of Ethereum short seller on GMX | Source: Twitter @apes_prologue

In addition, the analyst notes that the address holds about $224,000 worth of other assets spread across Arbitrum and the Binance Smart Chain: $90,000 in USDT, $51,000 in USDC, $64,000 in WBTC and $21,500 in AAVE.

“With a history of mitigating liquidation risk by bridging tokens from other chains to Arbitrum for collateral, we’ll probably see a similar strategy if ETH prices increase. The $224k in available assets could be used to top up collateral in this scenario,” the analyst notes.

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If the ETH short seller uses up all of its assets and puts them up as collateral, the maximum liquidation price could rise to around $2,000, representing a further 6.5% price increase from the current price. Hence, Twitter user @apes_prologue concludes:

While his position appears risky, the danger of liquidation is not as imminent as popularly believed, as he has mechanisms at his disposal to protect his position. Additionally, it is also possible he could have hedged his position in other markets that we are unaware of.

ETH On The Verge Of Breaking Above $2,000?

Rumors are circulating in the crypto community that the liquidation of the GMX short-seller could trigger a breakout of ETH above $2,000. The 1-hour chart of Ether shows that the price is currently stuck in the price range between $1,964 and $1,930 for the moment. A breakout to the upside or downside could be decisive for the next move.

Ethereum ETH price
ETH price trading range, 1-hour chart | Source: ETHUSD on TradingView.com

A look at the 1-day chart reveals that a breakout above $1,930 does not necessarily mean a follow-through to above $2,000. The 78.6% Fibonacci retracement level is at $1,975, where major resistance is expected. Ethereum bulls can only target the psychologically important $2,000 level if they break out above this price level.

Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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