This Ethereum Whale Could Have Taken Home Over $4 Million Profit – Now They Are Staring At Liquidation

A whale investor is on the brink of liquidation on Thursday after failing to secure profits worth $4.25 million on an Ethereum (CRYPTO: ETH) short bet.

Opportunity Gone Begging On ETH Short

The trader, who was successful in their previous trades, took a 15x leverage bet on ETH, Lookonchain reported, citing data from HyperDash. The leverage boosted their position to $259.17 million, with an entry price of $3,618.30.

However, the market moved against them as ETH reversed the pullback. As of this writing, the whale was down a whopping $6 million on the bet and facing liquidation at $3,724, which was only 0.5% away.

The unsuccessful bet reversed the investor’s gains from their last three trades, resulting in a net unrealized loss of $1.39 million as of this writing.

See Also: Bitcoin At A Crossroads: Tom Lee Sees $1M, Polymarket Bets On A Dip

Tom Lee Expects ETH To Hit $15,000 By Year-End

Ethereum rose amid a broader surge in risk-on sentiment following Apple’s $100 billion investment plan in the U.S. The second-largest cryptocurrency breached the $3,700 resistance overnight.

Furthermore, Fundstrat co-founder Tom Lee predicted ETH to reach $7,000–$15,000 by year-end and possibly $20,000 in the longer term, thanks to its use cases for Wall Street.

Price Action: At the time of writing, ETH was trading at $3,705, up 1.65% in the last 24 hours, according to data from Benzinga Pro. The coin has soared 44% over the last month.

Benzinga Note: Leverage trading allows cryptocurrency traders to open larger positions using borrowed capital. While it can potentially amplify profits, it also significantly increases the risk of substantial losses due to the volatile nature of cryptocurrencies.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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