ETH Drops to $2,900 as Trader Liquidates $738K Long and Reopens with 2,100 ETH ($6.18M) Bet

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COINOTAG News, December 7 — according to on-chain analyst Ai Auntie (@ai_9684xtpa), Ethereum traded near $2,900 as a liquidity event unfolded. The report notes a fellow trader’s ETH long was liquidated, incurring approximately $738,000 in losses. Subsequently, the same participant re-established a large long position with 2,100 ETH (around $6.18 million at the time), signaling renewed risk appetite after the drawdown.

On-chain data indicate the trader’s balance briefly recovered to about $3 million but has since fallen to roughly $227,000. The episode highlights risk management challenges in leveraged ETH trading and demonstrates how rapid liquidations can alter liquidity profiles and sentiment in the crypto market.