Recent price action in the cryptocurrency market has seen Ethereum drop significantly, with the altcoin finally managing to hold its ground. break under Critical support level at $3,000. Ethereum has suffered a significant 4.76% decline in the past 24 hours, bringing its current trading price to just over $2,900.
Related reading
While retailers are still Compete for their next goal. On-chain data shows an interesting pattern of ETH accumulation by a certain whale entity. This whale, whose strategic moves have historically shown an impressive 100% investment win rate, has been steadily increasing its ETH holdings over the past two months.
Whale sees collapse as buying opportunity
According to on-chain data recorded by Lookonchain on social media platform X, the smart money whale took advantage of the recent ETH price drop to add to his holdings. As revealed by the on-chain tracker, the whale recently purchased another 2,424 ETH worth $7.22 at the time of purchase. This latest acquisition brings the whale’s total purchases to 19,436 ETH worth $68.25 million, averaging $3,511 per ETH since May 29. At the time of writing, the smart money whale is sitting on unrealized losses of around $8 million.
At first glance, this aggressive buying approach may seem risky, especially given the prevailing bearish sentiment surrounding Ethereum. However, history suggests that they may know what they are doing better than most. This whale has an impeccable track record with a 100% win rate since November 2022 and seems to know exactly when to buy and sell Ethereum.
It is worth noting that this smart money whale was buying Ethereum at low prices and selling it at higher prices between November 21, 2022 and May 23, 2024, for a total profit of over $38 million. The whale’s recent purchases, despite the ongoing market decline, indicate a level of confidence and insight that has proven accurate in the past.
Smart Money with 100% Win Rate Bought 4000 Ethereum($12.58M) Back 5 hours ago!
This smart money is bought and sold. Ethereum 7 times from November 21, 2022 to May 23, 2024, buy low and sell high every time, with 100% profit and total profit of more than… pic.twitter.com/3fnCkyfmQT
— Luke Chain (@lookonchain) August 2, 2024
What’s next for Ethereum?
As of the time of writing, Ethereum is trading at $2,900, a massive 12% drop over the past seven days. This sharp drop has led to massive liquidations in the market. According to data from Coinglass, $78.72 million worth of long Ethereum positions have been liquidated in the past 24 hours alone.
Related reading
While the cryptocurrency’s drop below $3,000 is worrisome for investors, the bullish hope may not be lost yet. The $3,000 price point is Critical support level Backed by massive on-chain activity. Data This indicates that over 1.7 million addresses have acquired Ethereum just below this level, highlighting a strong area of buying interest. This means that $3,000 remains a strong support level for Ethereum, which could prevent further losses in the coming week.
Featured image from CNBC, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.