In the volatile ocean of cryptocurrencies, whales (individuals or entities with substantial capital) navigate a strategy that often leaves a trail for smaller fish to follow.
One such crypto whale has recently been making waves on Ethereum. In fact, it has demonstrated a bullish stance on the second-largest cryptocurrency by market cap.
Crypto Whale Piles On Ethereum
On November 4, a crypto whale made a notable move by depositing 31.80 million USDT on Binance, only to withdraw 8,698 ETH valued at approximately $15.94 million a few hours later. Still, this was not an isolated event.
Just two days earlier, on November 2, the same crypto whale had deposited 24,495 ETH, equivalent to $45 million, on Binance after the price of Ethereum saw a rally, aiming to make a net profit of around 5.47 million dollars.
According to LookOnChain, The whale's trading history with Ethereum is impressive.. He boasted of eight trades since February 12, seven of which were profitable. This translates into an enviable 87.5% win rate, with cumulative profit exceeding $13 million.
Read more: How to buy Ethereum (ETH) and everything you need to know
These actions underline a broader narrative that EthereumDespite its recent price fluctuations, it maintains Lucrative potential for those who know when to buy and sell..
BeInCrypto's global head of news, Ali Martรญnez, gave weight to this narrative. Referring to IntoTheBlock on-chain data, Martรญnez pointed out an important level of resistance.
โYou may have to wait for ETH to break above the massive $1,960 supply wall for a bullish breakout,โ Martinez said.
According to the data, a whopping 1.14 million addresses purchased almost 33 million ETH at this price. Therefore, making it a rigid supply wall.
The smart whale's recent buying spree aligns with the anticipation of Ethereum Price Breaks Over This Resistance. The meticulous moves of this savvy investor highlight confidence in Ethereum's price trajectory. It may also be the nuanced dance of strategy and timing in the cryptocurrency market, where every dip and rise can herald opportunities to the discerning eye.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to fair and transparent reporting. This news article is intended to provide accurate and timely information. However, readers are advised to independently verify facts and consult a professional before making any decisions based on this content.
