As an analyst with years of experience in the volatile world of cryptocurrencies, I can confidently say that the recent surge in Ethereum prices has been nothing short of intriguing. The story of the “Ethereum Whale” is a testament to the potential profits that can be reaped from this digital gold rush, especially during periods of market volatility.
Recently, September has seen some surprising growth in the crypto market, with Ethereum (ETH) surpassing the significant $2,600 mark. During this upward trend, one savvy trader has seized the opportunity and pocketed an impressive $554,000 by executing a sequence of well-timed Ethereum transactions. In just 24 hours, the volatility was a modest 0.7%, while the market cap reached a whopping $318.83 billion, and a total volume of $17.01 billion was traded within that period.
As reported on a recent post from Lookonchain, a shrewd trader known as the “Ethereum Whale” has impressively maintained a perfect success rate of 100%, having executed nine profitable trades during the past month and a half.
On August 12, the Ethereum Whale started a series of trades, earning a modest gain of approximately $40,712. But that was only the start. His most lucrative trade took place on September 26, where he invested around 26.2 million dollars to acquire 10,206 ETH tokens. Later in the same day, he sold the cryptocurrency for approximately 27.8 million dollars, realizing a substantial profit of about $554,000.
Through skillfully timing his entries and exits, the trader was able to accrue approximately $2.11 million in earnings within a short span of time by purchasing Ethereum when its price was low and selling it when it experienced significant increases.
Word choice and structure adjustments can make this sentence more natural and easy to understand: The trader’s success has created quite a stir in the crypto world. Some users on X have openly followed his lead for weeks, while others think that his large-scale activity implies an upcoming surge in Ethereum prices.
Ethereum Price Surge
As a crypto investor, I’ve noticed an encouraging upward trend in the Ethereum market since it dipped to around $2,171 earlier this month. Over the past week, Ethereum has seen a growth of 4.35%, with a more recent surge of 2% within the last day. Currently, the second-largest cryptocurrency by market cap is trading above $2,600.
It’s worth noting that on September 27, the trading volume for Ethereum surged by 22%, reaching approximately $17.6 billion. Yet, even with this rise, Ethereum is currently 46% lower than its peak price of $4,891, a record it set back in November 2021.
As a researcher, I’ve been closely monitoring Ethereum’s progress, and it’s clear that the road to its recovery hasn’t been an easy one lately. Over the last few months, we’ve witnessed a noticeable dip in network activity. To be more precise, in the past month alone, the seven-day moving average of active Ethereum accounts has dropped by 16%, leaving us with around 370,000 active accounts as of now.
Recently, the performance of Ethereum in institutional markets hasn’t been as strong. Since their debut in July, Ether spot ETFs have experienced a total withdrawal of approximately $581.6 million, as indicated by data from SoSoValue.
In simpler terms, the Relative Strength Index (RSI) for Ethereum’s price movement shows a value of 58.67, indicating that at the moment, the bulls are in control and there’s a possibility that Ethereum could attempt to reach even higher prices in the near future. However, it’s important to note that around the $2,700-$3,000 price range, there is significant resistance for Ethereum tokens, meaning it might face obstacles if it tries to move beyond this zone.
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2024-09-27 15:24