- The Ethereum price rebounds sharply from support near $3,000, showing buyer strength after testing a historically significant demand zone.
- Trader 0xCB92 now holds a 50,000 ETH short worth $171.7M, with over $10M in profit and a liquidation level set at $3,634.
- The MACD indicator remains bearish, but steady buying volume and a strong lower wick signal potential momentum shift in the short term.
Ethereum is trading at $3,495.17 as of writing, bouncing +2.99% today after sharp declines—but one trader is betting big on more downside.
0xCB92 Expands $ETH Short to $171.7M Amid FOMO Conditions
Smart trader 0xCB92 is doubling down on his \$ETH short, now holding a massive position of 50,000 ETH, worth approximately \$171.7 million. According to *Lookonchain*, he’s sitting on more than \$10 million in unrealized profit, with a liquidation level at \$3,634.
His timing has proven accurate before. On June 11, he shorted ETH during peak FOMO, just before it crashed from \$2,880 to \$2,120. He repeated the move on July 29, shorting again around \$3,940 before ETH reversed lower. Now, with sentiment once again leaning bullish, 0xCB92 has increased his bet that ETH will fall further.
His aggressive position suggests he’s confident in further downside, especially as Ethereum struggles to hold key technical levels.
ETH Rebounds from Demand Zone After Deep Pullback
Ethereum’s recent rejection from the \$3,940–\$4,000 area triggered a sharp correction, sending the price down toward critical support. Today’s candle shows strong buying interest, with a long lower wick reflecting demand near \$3,400.
The demand zone between \$2,800 and \$3,000 remains intact and has historically served as a foundation for bullish reversals. The purple region on the chart—where price previously consolidated before breaking out in June—is now acting as strong support.
Volume is steady, not signaling panic or aggressive accumulation. The bounce is measured, suggesting market participants are cautious, especially with price hovering just below the \$3,634 liquidation level of 0xCB92’s short.
What It Means: Market at a Crossroads Amid Growing Bearish Pressure
Although today’s move appears bullish, momentum remains negative. The MACD is still in bearish territory with deepening red histogram bars, and the MACD line remains below the signal line.
What this means is that Ethereum is again facing a high-stakes moment. With 0xCB92 increasing his short, the pressure on the bulls is mounting. If price fails to hold above this current level, ETH may revisit the \$3,000 area. However, a sustained bounce could force a short squeeze and drive the price toward \$3,750–\$3,900. The market now watches closely—will 0xCB92’s timing be flawless once again?
