In the ever-volatile world of cryptocurrencies, large players known as whales often set the tone with their strategic moves, which can be a guiding light for smaller investors. A notable crypto whale recently made waves in the Ethereum market, demonstrating a bullish stance on the second-largest cryptocurrency by market capitalization.
On November 4, this crypto whale executed a significant move by depositing 31.80 million USDT to Binance. Shortly thereafter, the whale withdrew 8,698 ETH, valued at approximately $15.94 million. However, this was not an isolated event.
Just two days prior, on November 2, the same crypto whale deposited 24,495 ETH, equivalent to $45 million, on Binance after Ethereum’s price witnessed an uptick. This move aimed to secure a profit of around $5.47 million.
According to data from LookOnChain, the whale’s trading history with Ethereum is quite impressive. Since February 12, the whale has executed eight trades, with seven of them being profitable. This translates to an impressive win rate of 87.5%, resulting in cumulative profits exceeding $13 million.
These actions underscore the broader narrative that Ethereum, despite its price fluctuations, holds considerable potential for those who can time their buy and sell orders effectively.
Ali Martinez, BeInCrypto’s Global Head of News, highlighted the significance of a resistance level using on-chain data from IntoTheBlock. Martinez emphasized that Ethereum might need to surpass the substantial supply wall at $1,960 to trigger a bullish breakout. According to the data, a substantial 1.14 million addresses purchased nearly 33 million ETH at this price point, indicating a formidable supply barrier.
The recent buying spree by this astute whale aligns with the expectation of Ethereum’s price breaking through this resistance. The strategic moves of this savvy investor reflect confidence in Ethereum’s price trajectory and illustrate the nuanced dance of strategy and timing in the cryptocurrency market, where every market fluctuation presents opportunities for those with a discerning eye.