Ethereum Crash A Buying Opportunity? This Whale Thinks So
2024年8月4日 - 9:00PM
NEWSBTC
Recent price movements in the cryptocurrency market have seen
Ethereum experience a significant downturn, with the altcoin
finally sustaining a break below the critical $3,000 support level.
Ethereum has suffered a notable 4.76% decline over the past 24
hours, bringing its current trading price to just above
$2,900. Related Reading: Solana Rebound: SOL To Hit $260
Despite Continuous Dip, Analyst Says While retail traders are still
scrambling for their next move, on-chain data shows an interesting
accumulation pattern of ETH by a particular whale entity. This
whale, whose strategic moves have historically demonstrated an
impressive 100% investment win rate, has been steadily increasing
their holdings of ETH for the past two months. Whale Sees Crash As
Buying Opportunity According to on-chain data noted by Lookonchain
on social media platform X, a smart money whale has been taking
advantage of the recent ETH price fall to add to its holdings. As
revealed by the on-chain tracker, this whale recently bought
another 2,424 ETH worth $7.22 at the time of purchase. This latest
acquisition brings the whale’s total purchases to 19,436 ETH worth
$68.25 million at an average of $3,511 per ETH since May 29. At the
time of writing, the smart money whale is sitting on almost $8
million in unrealized losses. At first glance, this aggressive
buying approach might appear risky, especially given the prevailing
bearish sentiment surrounding Ethereum. However, history suggests
they might actually know what they’re doing better than most. This
particular whale boasts a flawless track record with a 100% win
rate since November 2022 and seems to know when exactly to buy and
sell Ethereum. Notably, this smart money whale has been
buying Ethereum at low points and selling at higher prices between
Nov 21, 2022, and May 23, 2024, with a total profit of more than
$38 million. The whale’s recent purchases, despite the ongoing
market downturn, suggest a level of confidence and insight that has
proven accurate in the past. A smart money with a 100% win rate
bought 4,000 $ETH($12.58M) again 5 hours ago! This smart money
bought and sold $ETH 7 times from Nov 21, 2022 and May 23, 2024,
buying at low prices and selling at high prices each time, with a
100% win rate and a total profit of more than…
pic.twitter.com/3fnCkyfmQT — Lookonchain (@lookonchain) August 2,
2024 What’s Next For Ethereum? As of the time of writing, Ethereum
is trading at $2,900, marking a significant decline of 12% over the
past seven days. This sharp downturn has triggered substantial
liquidations in the market. According to data from Coinglass,
$78.72 million worth of ETH long positions were liquidated in the
past 24 hours alone. Related Reading: Stacks (STX) Drops 23%,
But Recent Devs Might Slow The Trend While the crypto’s drop below
$3,000 is worrisome for investors, bullish hope might not be lost
yet. The $3,000 price point is a critical support level backed by
substantial on-chain activity. Data indicates that over 1.7 million
addresses acquired Ethereum just below this level, highlighting a
robust area of buying interest. This means $3,000 is still a strong
support level for ETH, which might prevent further losses in the
coming week. Featured image from CNBC, chart from TradingView
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