Dormant Billion-Dollar Ethereum Whale Books Profit!
It appears that Ethereum (ETH) is ready to take off, as investors’ and traders’ interest has skyrocketed in the past few days. On September 19, 2024, the on-chain analytic firm Lookonchain posted on X (Previously Twitter) that Ethereum Whale made a big bet by purchasing 2,117.7 ETH worth $5.17 million as the price surged.
According to the data, this whale is long on ETH through circular borrowing. The data also shows that this whale had liquidated a substantial 6,078 ETH worth $14.7 million when the overall market crashed on August 5, 2024.
Additionally, in the past six months, the whale went long ETH five times and liquidated four times, resulting in a loss of over $13 million. It appears that this time, due to the recent breakout and growing interest from investors and traders, the whale may recover all of their losses.
Besides this whale’s massive purchase, on September 18, 2024, another whale bought 5,660 ETH worth $13.1 million at an average price of $2,316 level, as reported by CoinPedia. This data shows that whales have started accumulating ETH, indicating that a major rally may be imminent.
Currently, ETH is trading near $2,470 and has experienced a price surge of over 6% in the last 24 hours. During the same period, its trading volume increased by 16%, indicating higher participation from traders and investors amid ongoing price rallies.
According to the expert technical analysis, ETH appears bullish despite trading below the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator used by investors and traders to determine whether an asset is in an uptrend or downtrend.
The potential reason for the bullishness is the recent breakout of the strong descending trendline that ETH has been facing since July 2024. However, this breakout isn’t confirmed until ETH closes its daily candle above the $2,485 level, if this happens, there is a strong possibility that ETH could soar to the $2,800 level in the coming days.
Besides this technical analysis, Coinglass’s ETH long/short ratio currently stands at 1.027, indicating bullish market sentiment among traders. The data also shows that 51% of top traders currently hold long positions, while 49% hold short positions.
This bullish thesis will only remain valid if ETH closes above the $2,800 level, otherwise, it may fail.
Also Check Out: Top 10 Reasons Why Altcoins May Beign a Monstrous Rally—Have You Capitalized on Altcoin Bottoms?
Solana (SOL) price has gradually followed the palpable rise of Bitcoin (BTC) and Ethereum (ETH)…
Dogecoin price has recorded a high correlation with Bitcoin, which is expected to experience a…
The demand for Bitcoin by sovereign wealth funds has skyrocketed in the past few years.…
BlackRock has heavily invested in RWA tokenization to connect TradeFi and DeFi seamlessly. The U.S.…
If you want a presale with well-defined terms, working technology, and huge upside, start here.…
Bitcoin's price is holding strongly above the important $100,000 mark, as holders keep buying whenever…
