Ethereum Price Reclaims $2,000 but Bearish Sentiment Remains

Ethereum's price has experienced a brief reprieve after reclaiming $2,000, but the overall sentiment in the market remains bearish. According to Onchain Lens data, a whale deposited $4.89 million into HyperLiquid and opened a short position on 9,887 ETH with 20x leverage.

This move suggests that whales are still bearish on the altcoin's prospects, despite significant liquidation risks. In fact, CoinGlass data shows that over $38 million in shorts were liquidated in the past 24 hours, compared to just $31 million in longs.

However, retail traders have been piling into long positions, with CryptoQuant's Futures Average Order Size data showing increased participation around $2.04k and $1.9k. This trend has persisted throughout March, displacing whales as the primary market participants.