Short liquidations of ETH may send the price to $3K

Takeaways from the conference:

• A cryptocurrency whale earned $31,000,000 in only two ETH tradings over the past 44 days.

• The Base network led the growth in unique Ethereum addresses, which grew by 70% during Q2.

Ether (ETH) The market looks set to surpass its range for the month, reaching a new 15-week peak of $2.827, on 10th June. The highest daily close since Feb. 24, would be a daily close over $2,700.

A recent Ethereum rally was rewarded by a whale after the price had been consolidating for a whole month between $2300 to $2800. An Ethereum whale, according to an X post The whale, according to the onchain tracker Lookonchain sold 30,000 Ethereum for $82.76 Million in an OTC trade that took place on June 10. This resulted in a profit of $7.3M. It was a sale that followed a $75.56m ETH buy on May 27, resulting in 7.3m profit.

Wintermute OTC bought 30,000 ETH on April 27 for $54.9m at $1.830. The whale sold the ETH on May 22 at $2,621 to $78.63million, netting a profit of $23.73million during a rally of 43%.

Whale has made 31 million dollars in just 44 day.

In Q2, the number of unique Ethereum addresses increased by 70%

In the first week of this month, Ethereum’s network had a total of 17,4 million unique addresses. Data from growthepie The number of ETH address interacting with multiple chains or one chain has increased 70.5% from the start of Q2. ETH addresses remained high, with 16,4 million addresses active on June 10th.

Ethereum’s mainnet recorded 2.23 million or 14.8% of the 11.29 million addresses this week. The Base network accounted for 72.81%.

Cointelegraph noted Ethereum continues to be the leader in the Decentralized Finance (DeFi), with ETH accounting for 61% of total value locked with approximately $66 billion.

Its sustainability is still in question, however, due to the fact that it has only received $43.3 Million in fees during the past 30 days. Recently, updates to rollups that use low-cost data packages (blobs), which are favored by the network, have resulted in reduced staker rewards. This is because ETH’s reduction of supply relies heavily on its network fees.

Related: Staked Ethereum hits all-time high as ETH tops $2.7K

Ethereum Bulls can liquidate up to $1.8 billion of shorts at $2,900

Futures on Ether open interest The OI has surged For the first time, the market has surpassed $40 billion. This indicates a highly leveraged environment. The elevated open interest indicates potential volatility.

The liquidity dynamics have remained balanced, despite risks. Statistics from CoinGlass Shows $2 billion of long positions at risk for liquidation, while $1.8 in short positions is at risk of liquidation, at $2.900. The market’s next move is uncertain because of this equilibrium, since they can chase liquidity either way.

Related: Ethereum network growth, spot ETH ETF inflows and price gains lure new investors

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.