Skilled Trader Buys $20M Ethereum Amid Market Decline, Sparks Price Surge Speculation
The Essentials in Brief
A noteworthy movement in the Ethereum market has attracted attention: A skilled trader with a success rate of 100% has purchased Ethereum worth nearly 20 million US dollars. This is happening at a time when the overall cryptocurrency market is experiencing a downward trend. Historical data suggests that Ethereum may be on the verge of a 17% increase, should it be able to hold the critical support mark.
Ethereum’s Current Market Situation
In recent days, the overall cryptocurrency market has seen a decline. Despite this general downward trend, some investors and “whales” have decided to accumulate Ethereum, especially after the recent significant price drop. According to a post by the on-chain analysis firm Lookonchain on X (formerly Twitter), a trader with an impressive accuracy of 100% has collected a total of 6,424 ETH worth 19.8 million US dollars.
Strategic Accumulation of Ethereum
The said trader used two trading days to buy ETH during the recent price drop. On August 2, when ETH broke a key support level at 3,130 US dollars, he bought 4,000 ETH for 12.58 million US dollars. The following day, as the price further fell to the next support level of 2,900 US dollars, he added another 2,424 ETH for 7.22 million US dollars. Since November 2021, this trader has made seven such trades and each time made a significant profit, totaling over 38 million US dollars.
Historical Price Movements and Future Prospects
Historically, Ethereum has always seen a strong upward movement when it approached the support level of 2,900 US dollars. Since April 2024, ETH has reached this level four times, and each time investors have experienced an average upward movement of 15% to 17%. Should history repeat itself, ETH could potentially rise by 17% and reach the 3,400 US dollar mark. However, if it cannot hold the critical support level, there is a high risk of it falling to 2,600 US dollars and possibly to 2,500 US dollars.
Our Assessment
The recent accumulation by an experienced trader and the historical price movements of Ethereum suggest that we may be on the verge of a significant upward trend. For investors and traders, this could be an opportunity to adjust their strategies accordingly and benefit from potential price fluctuations. As always, it is important to conduct your own research and make a well-informed decision, especially in such a volatile market as that of cryptocurrencies.
Sources: Lookonchain, Trading View
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