Lookonchain: Trader 0x8add Shorts $96.8M ETH, BTC

Lookonchain flagged that address 0x8add entered short positions of 22,047 ETH ($48.89M) and 620.7 BTC ($47.89M) at maximum leverage right after the Binance hack and now sits on $2.29M unrealized profit.

Price action on the 4h ETH chart shows a bearish structure with price at $2180.36 below both the EMA50 at $2351.83 and EMA200 at $2462.47 while the MACD remains in death-cross territory at -22.14; the RSI at 28.52 signals oversold conditions and price is testing the lower Bollinger Band support near $2238.31, suggesting any bounce may first encounter resistance at the $2417.46 upper band before the next leg lower.