On-chain data shows one trader making a nine-figure profit from a multi-month Ethereum ETH/USD trade, as the second-biggest cryptocurrency consolidates at support levels.
What Happened: Lookonchain data shows a cryptocurrency whale having sold 15,000 ETH, worth $39.7 million, after earlier withdrawing 96,639 ETH, worth $151.42 million from Coinbase during the bear market in September 2022 at a price of $1,567 per ETH.
The whale has offloaded 55,000 ETH, equivalent to $176 million, at an average price of $3,199, leaving them with 41,639 ETH, currently worth around $107 million, left to sell.
The total profit is estimated to be around $132 million. The whale’s strategy of buying during a bear market and selling during a bull market is a classic example of “buy low, sell high”.
Also Read: Erratic Bitcoin, Ethereum Price Action: What Does Technical Analysis Say About This Market?
IntoTheBlock data shows an 8.2% decrease in large transaction volume and a 180% decrease in exchange netflows for Ethereum. Transactions greater than $100,000 increased from 4,036 to 4,752 on August 20.
Despite price volatility and a 26% drop in the past month, 66% of Ethereum holders are currently in profit.
One trader believes the low is in, as $2,100-$2,500 is “an unbreachable support cluster.” The trader thinks prices need to consolidate around the 0.618 Fib level & 100-day moving average before a possible rally.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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