Whale bets $72.4M against $ETH at $1,735 — the ocean is deep either way 🐳

An Ethereum ($ETH) whale has opened a $72.4 million short position on the altcoin at $1,735 using 3x leverage, according to market data. At the time of reporting, the position was sitting at $60,558 in unrealized profit, with a liquidation level far above current price at $2,565. The trader is reported to have avoided a losing trade for four consecutive months, a record that has drawn attention from market participants who view the position as a directional signal.

The short was placed as $ETH revisited the lower boundary of its ascending channel near $1,733, after a pullback that followed a prior recovery rally. Buyers defended the price at the 200-hour SMA, which now sits below all current price action, and the channel has continued to act as a guide for higher moves. Analysts have framed the pullback as a reset within the broader structure rather than a full trend reversal, noting that it could serve to clear over-leverage built up during the recent run.

A break below the 200-hour SMA would indicate possible short-term bearishness, and a loss of channel support would mark a significant shift in short-term sentiment. In that scenario, sellers have identified the $1,680 region as the next area of interest, with a potential continuation toward the lower value zone around $1,580 if downside momentum builds. If buyers hold the 200-hour SMA, the likelihood of another push toward the top end of the channel near $1,860 increases.

The position itself creates a visible liquidity target on both sides of the trade. If Ethereum sustains its current price and moves higher, the short could face mounting losses and become a source of liquidity in a squeeze, with buy-side activity amplifying upward pressure on the asset.