Jiang Zhuoer, founder of the BTC.TOP mining pool and one of China&#8217;s most prominent former miners, said he has opened a short position on Ethereum at an entry level of 2,242, describing the trade as a short-to-medium-term operation.
The statement, posted on April 8, 2026, follows what Jiang described as a prior ETH trade that he <a href="https://x.com/Jiangzhuoer2/status/2041674464501571884" target="_blank" rel="noopener">closed at 2,144</a> in early March. The new short entry at 2,242 represents a re-entry at a higher level, suggesting he sees renewed downside potential after the earlier profitable exit.
ETH traded at <a rel="noopener" target="_blank" href="https://www.coingecko.com/">$2,250.06</a> at the time of data collection, up 5.73% over 24 hours, placing the short entry just below current spot. Ethereum&#8217;s market cap stood at approximately $271.5 billion with 24-hour trading volume near $26.5 billion.
<figure style="margin:24px 0;"><img decoding="async" src="https://tokentopnews.com/wp-content/uploads/2026/04/tokentopnews__coingecko__price-chart-19.jpg" alt="CoinGecko price chart for Jiang Zhuoer, one of China's largest miners in the past, stated that he has shorted $ETH for short-to-medium-term tr..." style="width:100%;border-radius:6px;" / onerror="this.onerror=null;this.src='/images/default-thumb.svg'"><figcaption style="text-align:center;color:#888;font-size:13px;margin-top:8px;">CoinGecko chart illustrating the price backdrop referenced in this article on ethereum.</figcaption></figure>
Jiang explicitly labeled the position a short-to-medium-term operation, not a long-term bearish call on the asset. This distinction matters: it frames the trade as tactical rather than a fundamental rejection of Ethereum.
Jiang Zhuoer rose to prominence as the founder of BTC.TOP, one of the larger Bitcoin mining pools operating out of China before the country&#8217;s 2021 crackdown on crypto mining. According to historical Reuters-era coverage, BTC.TOP was among the operations that halted China-based business following Beijing&#8217;s regulatory action, though no single quantified ranking source confirms his exact position among Chinese miners.
<h2>Why a Short-to-Medium-Term Bearish ETH Thesis Might Be Building</h2>
The <a rel="noopener" target="_blank" href="https://alternative.me/crypto/fear-and-greed-index/">Fear &amp; Greed Index</a> sat at 17 at fetch time, classified as Extreme Fear. That reading reflects broad risk-off sentiment across crypto markets, a backdrop that can support short-side positioning on large-cap assets like ETH.
Jiang&#8217;s post referenced geopolitical factors as part of the trade rationale. Macro uncertainty and policy risk have weighed on risk assets in recent weeks, and ETH&#8217;s 5.73% bounce on the day of the post may represent a relief rally rather than a trend reversal, at least in the view underpinning the short thesis.
ETH has shown periods of relative weakness against Bitcoin, a dynamic that some traders have used to justify tactical shorts. How <a href="https://tokentopnews.com/why-bitcoin-still-looks-defensive-exchange-reserve-comparison/">Bitcoin&#8217;s exchange reserves compare</a> across major platforms can provide context on whether capital is rotating toward BTC defensiveness or broader altcoin risk-on behavior.
The counterpoint is straightforward: ETH&#8217;s 5.73% daily gain and significant trading volume suggest buyers are present. A short entered near spot during a strong intraday rally carries immediate mark-to-market risk if the bounce extends.
<h2>ETH Levels and Signals to Watch Next</h2>
Jiang&#8217;s prior trade closed at 2,144, which now serves as a reference support level. A move back toward that zone would put the new short in profit and could attract further selling interest from traders watching the same levels.
On the upside, a sustained break above the 2,250 area, where ETH traded at press time, would put the 2,242 short underwater. A daily close above that zone with expanding volume would be an early invalidation signal for the bearish thesis.
Ethereum&#8217;s DeFi ecosystem activity offers another lens. Protocol-level metrics, including total value locked and on-chain revenue trends, can signal whether the network&#8217;s fundamental demand supports or undermines a short-term bearish view. Broader <a href="https://tokentopnews.com/benzinga-set-to-fuel-data-markets-but-ltc-and-xrp-price-predictions-swim-in-chaos-while-apemars-ranks-among-todays-best-altcoins-to-invest-in/">altcoin price dynamics</a> and stablecoin flows, including developments like <a href="https://tokentopnews.com/circle-launches-stablecoin-payouts-for-circle-mint-singapore-partners/">Circle&#8217;s expanding stablecoin infrastructure</a>, provide additional context on capital movement across the ecosystem.
<figure style="margin:24px 0;"><img decoding="async" src="https://tokentopnews.com/wp-content/uploads/2026/04/tokentopnews__defillama__chain-tvl-chart-11.jpg" alt="DefiLlama chain tvl chart for Jiang Zhuoer, one of China's largest miners in the past, stated that he has shorted $ETH for short-to-medium-term tr..." style="width:100%;border-radius:6px;" / onerror="this.onerror=null;this.src='/images/default-thumb.svg'"><figcaption style="text-align:center;color:#888;font-size:13px;margin-top:8px;">DefiLlama DeFi dashboard used to support the liquidity and protocol-activity discussion for ethereum.</figcaption></figure>
<h3>Risk Management Checkpoints</h3>
Bullish invalidation: a daily close above 2,300 with volume exceeding the 24-hour average of $26.5 billion would suggest the rally has momentum beyond a dead-cat bounce.
Bearish confirmation: a rejection at current levels followed by a move below 2,200, particularly on rising volume, would validate the short-to-medium-term short thesis and bring 2,144 back into focus as the next target.
Scheduled macro events, earnings cycles, and any shifts in geopolitical risk, the factor Jiang cited in his rationale, remain the primary catalysts that could accelerate either scenario in the coming days.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.

Jiang Zhuoer Says He Shorted ETH Short-Term: Bearish Signals to Watch

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