Ethereum’s price has crashed more than 53% from its 2024 high, wiping out $255 billion in market value as its market cap fell from $482 billion to $227 billion. Ethereum ( ETH ) has dropped as concerns about the network continued. On Monday, analysts at Standard Chartered lowered their ETH price target from $10,000 to $4,000, citing the structural decline of the network. Many Ethereum investors have suffered losses during the ongoing crash. According to Santiment data , the percentage of total Ethereum supply in profit has dropped to 47.6% — its lowest level since October 2023. The network’s realized loss has also hit its lowest point in nearly two years. Ethereum supply in profit falling | Source: Santiment Not everyone is losing money on Ethereum. CoinGlass data shows that one trader made $86 million shorting ETH on Hyperliquid. The trader placed a $143 million short trade on March 3 when Ethereum was trading at $3,000. By applying 25x leverage, the trader has profited as ETH plunged to $1,878 on Tuesday. His funding fee was $3.13 million, and his margin was $5.76 million. His position will be liquidated if Ethereum rebounds to $3,194. You might also like: 5 charts that explain the ongoing Ethereum price crash Meanwhile, another trader lost $5.21 million by going long on Ethereum. This trader bought 18.6 ETH and applied 20x leverage. His trade will be liquidated if ETH drops to $1,725. ETH traders on Hyperliquid | Source: CoinGlass Ethereum price technical analysis ETH price chart | Source: crypto.news Technicals suggest that the Ethereum short-seller may remain profitable, as indicators point to further downside.The daily chart shows that Ethereum remains below the key support at $2,135 — the neckline of a triple-top pattern at $4,000. Ethereum price has formed a death cross pattern as the 50-day and 20-day moving averages flipped each other in February. The coin is now forming a bearish pennant pattern, consisting of a long vertical line and a symmetrical triangle. The triangle is nearing its confluence point, suggesting that a bearish breakout could push Ethereum down to the psychological level of $1,500 — about 20% below its current price. You might also like: Red alert: Ethereum price forms another risky pattern
