One of the leading Profit-and-Loss traders in Hyperliquid had placed a new short on Ethereum in the amount of 10,350 at 4,144.20. This increased the overall exposure of the trader to a short of 1.24 million dollars, and an average entry of 4,147.87. The trade is so noticeable due to the PnL ranking and whale status of the trader. The liquidation price of the position will be 7,964.80, nearly 92 percent greater than the opening price. This is an abnormally high likely price of liquidation indicating that the trader is either having a high amount of collateral to support the position or has moderate leverage of 5x-10x, typical of whale trades in perpetual futures exchanges.
Ethereum Market Context
Ether is trading at the some range of 4,100-4,200. The support and resistance are around 4,000 and 4,200 respectively (technical data). The trader does this by shorting near resistance to express a bearish position. According to TradingView analysts, at the moment ETH is at risk of falling to $3,600 in the case of the failure of the support at the level of 4,000, and can rise to 4,600 or even 5,000 in case of a bullish breakout.
There are obvious profit and loss areas in the 1.24M short position. The 10 percent decrease of ETH to approximately 3,730 would result in the cost of profit of 124,000 dollars. An increase of 10 percent to 4,560 would cost the company a loss of 124,000. To the extent that ETH would move to the liquidation level, the trader would face the risk of losing the entire position, but that would involve almost doubling the price of ETF.
Market Impact and Scale
With ETH at its current price of $4,144, the world market cap of Ethereum is approximately at $490 billion. The whale short of 1.24M represents only 0.00025 of the market cap, although sentiment can be borne with whale trades. A decline to less than $4,000 of ETH would initiate a liquidation cascade and hasten the pace of the downward force throughout the market. The highest point of Ethereum was reached in November 2021 and was $4,878. The liquidation point of the whale of 7,964.80 is approximately 63 percent above the peak. This means that the trader does not look forward to ETH returning to such levels in the near future. Rather, the position indicates a short-term or a mid-term correction of the current position of 4,100-4,200 out of a strategy.
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