A well-known Ethereum whale, most likely associated with Longling Capital, has taken an unexpected action in the wake of Ethereum’s recent decline in value. The whale’s purchase of 6,000 ETH shows confidence in a possible price spike. This whale has made an incredible $83 million by buying low and selling high, utilizing an effective investement strategy.
This investor has bought 75,400 Ethereum since May 8, 2023, for about $180.4 million at an average price of $2,392. By selling 50,800 ETH over the same time period, they made $172.08 million at an average price of $3,401. Their most recent acquisition demonstrates their ongoing faith in Ethereum’s growth potential.
Consolidation is now evident on the Ethereum chart after a local peak around $4,100. Although the asset retraced to $3,650, it is still above important support levels such as the 26 EMA, which has frequently served as a launching pad for bullish reversals.
Additionally supporting Ethereum’s medium-term growth is a rising trend line, which shows that buyers are still in charge. Ethereum may retest its most recent highs and possibly reach new heights, according to technical patterns. A rally toward $5,000 is conceivable if the bullish momentum continues, which would be consistent with the whales’ aggressive accumulation strategy.
Traders should keep an eye out for additional declines, though, as a breakdown below $3,500 might indicate prolonged consolidation. Volume profiles show that the market is doing well and that buyers are stepping in when the market is declining. This is consistent with the whale’s actions, indicating faith in Ethereum’s ability to withstand market turbulence. The whale’s strategic maneuvers and the state of the Ethereum market point to potential future price increases. Key levels should be watched by investors because any notable movement may present chances for both traders and long-term holders.
Read the full article here
