Ethereum’s price shot above $2,600 this month, surprising many. One clever trader cashed in big time, making a whopping $554,000 from a string of intelligent Ethereum trades.
Lookonchain, a famous crypto watcher on X, spotted this trader’s impressive run. They’re calling this mystery person the “Ethereum Whale.” Why? Because they won all nine of their trades in just six weeks.
The Whale’s winning streak kicked off on August 12 with a modest $40,712 profit. But they saved the best for last. On September 26, they pulled off their biggest win yet. The Whale bought 10,206 ETH for $26.2 million and sold it the same day for $27.8 million. That’s an astounding $554,000 profit in one day!
Ethereum Whale’s $2.1M Windfall Sparks Buzz Amid Market Surge
The Whale raised $2.11 million by buying low and selling high in just a few weeks. Talk about a hot streak! Crypto fans are buzzing about the Whale’s success. Some say they’ve been copying the Whale’s moves for weeks. Others think big players like this mean Ethereum might be ready for a big jump soon.
Ethereum’s price has been climbing since it hit a low of $2,171 earlier this month. It rose 4.35% weekly, with a 2% boost in one day. As of now, Ethereum trades above $2,600.
More people are trading Ethereum, too. On September 27, trading volume jumped 22%, reaching about $17.6 billion. But let’s keep things in perspective – Ethereum is still 46% below its all-time high of $4,891 from November 2021.
Ethereum hasn’t had a smooth sailing lately. Fewer people are using the network, and active accounts dropped 16% last month, down to 370,000. Big investors seem cautious, too. According to data from SoSoValue, they’ve pulled out $581.6 million more than they’ve put in since July.
But there might be good news on the horizon. Ethereum’s Relative Strength Index (RSI) is 58.67. In simple terms, this means more people are buying than selling right now, which could increase the price soon.
However, Ethereum might hit speed bumps between $2,700 and $3,000. Many traders might want to sell at these prices, which could slow the rise.
Despite the challenges, Ethereum’s recent surge and the Whale’s impressive wins have sparked excitement in the crypto world. Investors are watching closely to see if this is the start of a more significant trend or a brief uptick in a bumpy market.
Related Reading | Ethereum Sees Massive Exchange Inflow, Sparking Sell-off Concerns
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