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After a relatively quiet start to the week, Ethereum slid in the early Tuesday session, falling to a low of $1,994. At the time of writing, Ethereum remains in red, down 1.28% in the last 24 hours to $2,010 and down 12.26% weekly.
Amid the Ethereum price drop, a brand new whale's contrarian strategy is catching attention on the market.
In a recent tweet, Lookonchain reported that a newly created wallet deposited 12.88 million USDC into Hyperliquid to go long on ETH with 20x leverage. So far, he has opened a long of 16,270 ETH worth $33.38 million. This singular action is prompting speculation of the ETH trader being a "super bull."
"Another ETH super bull is here. A newly created wallet, 0x6C85, deposited 12.88 million USDC into Hyperliquid to go long ETH with 20x leverage. So far, he has opened a long of 16,270 ETH($33.38 million)," Lookonchain reported.
All eyes on $2,000?
As the Ethereum price trades sideways in the last four days between $1,994 and $2,150, a crucial level has come into focus.
According to Ali Charts, all eyes are on $2,000 for Ethereum (ETH), with two potential scenarios presented, which is either a rebound or a breakdown.
If the Ethereum price decisively closes above $2,150, it may further climb to $2,447. This remains a crucial barrier, as a break above it suggests that the bearish momentum may be waning. The Ether price may then rise to the 50-day SMA at $2,877.
A loss of the $2,000 level might put Ethereum at risk of a breakdown. If this happens, Ethereum might target $1,750 and then $1,537.
Derivatives data indicate clear risk-off sentiment coupled with declining open interest and negative funding rates.
This week, markets are expecting a backlog of data delayed by the partial government shutdown, which might impact volatility. Among the key releases is the January nonfarm payrolls report, now scheduled for Wednesday after being postponed from last Friday. Attention will also turn to January consumer price data, due Friday. There will also be data on weekly initial jobless claims on Thursday.
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