Crypto Whale Accumulates Ethereum
In the world of cryptocurrencies, there are large players known as whales who possess significant capital and often leave a trail for smaller investors to follow. One such whale has recently shown a bullish stance on Ethereum, the second-largest cryptocurrency by market capitalization.
A Notable Move
On November 4, this crypto whale made a noteworthy move by depositing 31.80 million USDT to Binance, only to withdraw 8,698 ETH worth approximately $15.94 million a few hours later. However, this was not an isolated event.
Prior Deposits
Just two days earlier, on November 2, the same whale had deposited 24,495 ETH (equivalent to $45 million) to Binance after the price of Ethereum had risen. The intention was to profit around $5.47 million.
Impressive Trading History
The trading history of this whale with Ethereum is quite impressive according to LookOnChain. Since February 12, there have been eight trades, with seven of them being profitable. This translates to an enviable win rate of 87.5% and a cumulative profit exceeding $13 million.
Ethereum’s Lucrative Potential
These actions highlight the belief that Ethereum holds lucrative potential for those who know when to buy and sell, despite its recent price fluctuations.
A Significant Resistance Level
Ali Martinez, BeInCrypto’s Global Head of News, referred to on-chain data from IntoTheBlock which indicates a significant resistance level at $1,960 for Ethereum. This level is characterized by a large supply wall created by 1.14 million addresses purchasing nearly 33 million ETH at that price point.
Confidence in Ethereum’s Price Trajectory
The recent buying spree by the smart whale aligns with the anticipation of Ethereum’s price breaking through this resistance. The strategic moves made by this investor demonstrate confidence in the future trajectory of Ethereum’s price and highlight the potential opportunities that arise in the volatile cryptocurrency market.
Hot Take: A Whale’s Bullish Stance on Ethereum Signals Optimism for Its Future
Ethereum has attracted the attention of a crypto whale who has been accumulating significant amounts of the cryptocurrency. This bullish stance indicates optimism about Ethereum’s future and suggests that there is profit to be made by following the moves of these influential investors. With a strong trading history and confidence in Ethereum’s price trajectory, this whale’s actions may serve as a guide for smaller investors looking to navigate the volatile crypto market. As Ethereum continues to face resistance levels, breaking through them could lead to further gains and opportunities for those who are observant and strategic.
By
By
By