Ethereum's big whale has been playing aggressively lately. Last night, 3009 ETH were liquidated, followed by a violent dump of 786 tokens, then a turnaround with a heavy buy-in of 1250 ETH, which managed to withstand a liquidation loss of 100,000 USDT. Now, the account holds nearly 4000 ETH, with a hundredfold leveraged long position hanging on the edge.

Is this a desperate defensive move, or a bold addition anticipating an opportunity? Both interpretations make sense. The key question is, if this position cannot hold, will it trigger a chain of liquidations under such high leverage? The whole market is watching, and the movements of coins like BTC and ZEC could also be affected.

Is this a support at the bottom or a trap? What’s the next step? What do you all think?