If you’ve been keeping an eye on the crypto world, you’ve probably heard about the mysterious smart trader 0xCB92. This trader has been making waves with their bold moves on Ethereum (ETH), especially with their recent short position. A tweet from Lookonchain on July 29, 2025, at 04:25 UTC caught everyone’s attention, hinting at a potential repeat of a past winning strategy. Let’s dive into what’s happening and what it could mean for ETH traders!

The Strategy That Worked Before

Back on June 11, 0xCB92 made a savvy move by shorting ETH when the price was climbing, and everyone was caught up in the fear of missing out (FOMO). At that time, ETH broke through the $2,880 mark but soon dropped to $2,120. This drop turned out to be a golden opportunity for 0xCB92, proving their knack for timing the market. Now, history seems to be repeating itself. On July 28, 2025, the trader shorted ETH again as the price surged past $3,940, and we’re already seeing a dip. The big question is: will this play out the same way?

What’s Happening Right Now?

The chart shared by Lookonchain shows ETH’s price action on a 15-minute timeframe via Hyperliquid. As of 12:12:58 UTC+8 (that’s just a few minutes ago as I write this!), ETH is hovering around $3,801.1, down 1.96% in the last 24 hours with a trading volume of $4.29 billion. The trader’s short position is live, betting that the price will continue to fall. With a profit and loss (PNL) of -$20,000.001 and a liquidation price looming, it’s a high-stakes game!

Why This Matters to Crypto Enthusiasts

Short selling, for those new to the term, is when a trader borrows an asset (like ETH) and sells it, hoping to buy it back cheaper later to return it and pocket the difference. It’s a risky move, especially in the volatile crypto market, but 0xCB92’s track record suggests they know what they’re doing. If ETH follows the June pattern and drops significantly, this could be a masterstroke. However, if the market turns bullish, the trader might face liquidation—where the position is automatically closed at a loss.

What to Watch For

So, what’s next? The crypto community is buzzing with predictions. Some, like Crypto-Joker, suggest the position might get liquidated within 24-48 hours if ETH doesn’t drop soon. Others, like multichain, think a retracement to $3,200 is on the cards. The key levels to watch are the current support around $3,789.5 and resistance near $3,801.0. A break below support could signal more downside, while a bounce might spell trouble for the short.

Lessons for Meme Token and Blockchain Fans

Even if you’re more into meme tokens like those we cover on Meme Insider, this ETH strategy offers valuable insights. Timing the market, understanding support and resistance levels, and managing risk are skills that apply across all cryptocurrencies. Plus, 0xCB92’s moves remind us how interconnected the blockchain space is—ETH’s price swings can influence meme token trends too!

Final Thoughts

The 0xCB92 short ETH strategy is a thrilling watch as of July 29, 2025. Will it mirror the June success, or will this be a lesson in market unpredictability? Keep an eye on the charts and join the conversation on X. Whether you’re a seasoned trader or just curious about blockchain, this saga is a perfect example of the highs and lows of crypto trading. What do you think—will ETH drop, or is 0xCB92 in for a surprise? Drop your thoughts in the comments!