#ETH走势分析 just saw an interesting on-chain move disclosed by Lookonchain.

The address pension-usdt.eth has increased its position again, this time opening a long position of 20,000 ETH with 2x leverage. The entry price is around $3,040, and the liquidation price is set at $1,190.

This operation reveals a few things. First, the liquidation price being set so far away means this position can withstand nearly a 60% downside. In other words, the trader isn’t betting on short-term price swings, but rather making a trend-based allocation. Short-term pullbacks or even deep shakeouts won’t really threaten this position structure.

Second, using 2x leverage with such a low liquidation line shows quite conservative risk management. This doesn’t look like a retail investor’s impulsive all-in play, but more like an institution or whale making a long-term allocation. Especially in the current market environment, factors like Ethereum staking yields, Layer 2 ecosystem growth, and ETF expectations are likely what this kind of capital truly cares about.

Of course, just because a whale can hold doesn’t mean the price will moon immediately. The market will still move sideways or pull back as it needs to. But from an on-chain perspective, seeing positions of this scale is indeed a bullish signal for market sentiment and structural bottoms.

What’s really worth paying attention to isn’t blindly following these trades, but understanding the logic behind this position design: don’t chase highs, don’t use high leverage, and leave enough room for error. Those who survive in the market are usually the ones who know how to manage risk.