Whale 0x2258 Faces $3.5M Loss on 18x Leveraged ETH Short Ahead of $3,321.81 Liquidation Threshold

On July 16, blockchain analytics platform Lookonchain reported that the whale address 0x2258 initiated a significant short position on Ethereum (ETH) using 18x leverage. This high-risk trade has resulted in a current unrealized loss exceeding $3.5 million. Market participants should note that if ETH’s price surpasses the critical resistance level of $3,321.81, the leveraged position is at risk of forced liquidation. This development underscores the volatility inherent in leveraged crypto trading and highlights the importance of monitoring key price thresholds to manage exposure effectively.