Key takeaways

Ethereum’s ETH is trading above $2,200 after dropping to the $2,100 range on Sunday.
Whales have opened $100 million worth of leveraged bets as they predict Ether to bounce back following the United States’ strike on Iran’s facilities.

Whales bet big on Ether’s recovery

Ether, the second-largest cryptocurrency by market cap, lost 14% of its value over the last seven days. The bearish performance saw it hit a low of $2,113 on Sunday. However, it has slightly recovered and now trades at $2,242 per coin.

Despite the uncertainty in the market, Ethereum whales are confident that Ether’s price could soar higher soon. Data obtained from Hypurrscan indicates that one whale opened an Ether long position of over $101 million with 25x leverage at the entry price of $2,247. His position stands to be liquidated if Ether’s price falls below $2,196.

While this whale is opening long positions, HyperDash revealed that 64% of the industry’s most successful cryptocurrency traders are currently shorting the world’s two largest cryptocurrencies, while only 36% remain long.

ETH could drop to $1,887 if bulls fail to defend the $2,100 support level

The ETH/USD pair is at a critical level, with bulls and bears battling for control. After holding the support level at $2,100 over the weekend, the bulls are confident that ETH could rally towards the transactional liquidity at $2,500 in the near term.

However, the technical indicators show that the pair remains bearish. The MACD is still within the negative territory, while the RSI of 33 shows that ETH is still facing selling pressure from investors.

If the bearish trend continues, ETH could test the support level around $2,100 once again. Failure to hold this support level could see ETH hit the $1,887 mark for the first time since May.

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