Though one notorious whale trader continues to bet against Ethereum (CRYPTO: ETH), broader sentiment among analysts remains bullish on the altcoin.
What Happened: One notorious Ethereum bear with the wallet ending 0xCB92 has once again shorted Ethereum, adding significantly to their already massive bearish bet.
Following a bounce above $3,700, the wallet sold 915 ETH and 1.49 million ARB, depositing $3.98 million in USDC to Hyperliquid to continue shorting the asset.
Originally, they held a 27,000 ETH short worth $99.27 million with a liquidation price of $3,852.4.
The wallet ramped up the position to 60,000 ETH, valued at $213.5 million, and is currently sitting on over $4.25 million in unrealized profits.
Despite this aggressive shorting, on-chain data from Glassnode shows Ethereum spot ETF inflows remain positive, even if slower than the July surge, and investor appetite hasn’t flipped to net outflows.
Also Read: Ethereum Reclaims $3,600: When Will The $4,000 Resistance Break?
What's Next: Several crypto analysts see Ethereum strength building behind the scenes, in contrast to 0xCB92's bearish stance.
Astronomer notes ETH making higher lows while sentiment remains low, a classic setup for a breakout. He continues to target $4,000+, expecting one more local low before a major leg up.
Ash Crypto points to Ethereum's consistent reclaim pattern since its April reversal. Each dip below key levels has been followed by strong upside moves, a trend he sees repeating.
Meanwhile, Pentoshi predicts Ethereum may consolidate within a wide range for a while.
He attributes slowing momentum to the ETH unstaking queue and supply overhang, noting that higher prices unlock more supply, which takes time to be absorbed by the market.
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