Ether’s technical setup points to a potential drop to $1,375, a move that could lift one whale’s unrealized profit to $2.39 million.
An Ethereum whale who shorted Ether (ETH) during the October 2025 crypto crash has returned after eight months of silence.
On Friday, wallet '0xf83f...6728' opened a 20x-leveraged ETH short worth $19.72 million as Ether reached the $1,500 support zone after dropping 18.25% over the last two weeks.
The position was opened at an average price of around $1,565, according to data resource Hyperbot. As of this press time, the whale had earned nearly $106,500 in unrealized profits as the ETH price dropped around the $1,550 area.
Ethereum whale's $19.72M position status as of Friday. Source: Hyperbot
The downside sentiment in the Ethereum market has tracked a broader tech-led risk selloff, with traders cutting exposure to speculative assets as Nasdaq and chip stocks came under pressure.
Ethereum-specific sentiment has weakened further amid renewed scrutiny of the Ethereum Foundation, following reports of budget cuts, staff reductions and a wave of senior departures that have raised questions about the organization’s leadership stability.
Ether is eyeing a decline toward the $1,375 level if it continues the breakdown out of its prevailing bear flag pattern.
ETH/USD daily price chart tracking the bear flag breakdown setup. Source: TradingView
If ETH falls to $1,375, the whale’s unrealized profit would rise to roughly $2.39 million before fees and funding, based on the position’s approximate $1,565 entry price.
The wallet’s latest move stands out because of its trading history.
Transaction logs show that wallet '0xf83f...6728' last became active on Oct. 27, 2025, when it opened an ETH short near $4,172 as volatility from the October crypto crash was easing.
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