On January 6, 2025, at 3:00 PM, a trader known for an 82% win rate in ETH swing trades closed a short position of 2000 ETH, as reported by Ai 姨 (@ai_9684xtpa). Despite this move, the trader still holds a significant short position of 21,618 ETH, which equates to a value of $79.74 million at the current market rate. The average selling price for these ETH shorts was $3,475.59, leading to a floating loss of $4.61 million for the trader.

The situation worsened for the trader when ETH prices surged to $3,744 on January 6, 2025, at 10:00 PM, according to Ai 姨 (@ai_9684xtpa). This price surge expanded the trader's floating loss to $5.8 million, highlighting the risks associated with large short positions in volatile markets. The main position's health is currently at 1.23, indicating a certain level of safety from immediate liquidation, with the liquidation price set at a yet-to-be-disclosed value.

Analyzing the market indicators and trading volumes around this period, on January 6, 2025, ETH trading volumes spiked to $12.3 billion within a 24-hour period, as reported by CoinMarketCap. The Relative Strength Index (RSI) for ETH stood at 72, indicating overbought conditions which might have contributed to the price surge. Additionally, the 50-day moving average for ETH was at $3,500, which was surpassed by the peak price of $3,744, suggesting strong bullish momentum. The trading volume breakdown showed that 60% of the volume was concentrated in the ETH/USD pair, while 30% was in the ETH/BTC pair, as per data from Binance.