On-chain analysis of ETH reveals that on November 4th, a cryptocurrency whale made a notable move by sending 31.80 million USDT to Binance, only to withdraw 8,698 ETH worth approximately $15.94 million USD a few hours later. However, what’s noteworthy here is that this action didn’t occur just once.
Only two days prior, on November 2nd, this whale had also sent 24,495 ETH, equivalent to $45 million USD, to Binance after Ethereum’s price surged. Following this move, it made a significant profit of around $5.47 million USD.
According to LookOnChain, the transaction history of this Ethereum whale is quite remarkable. Out of 8 transactions since February 12th, 7 of them have been profitable. This equates to a winning rate of up to 87.5%, with accumulated profits exceeding $13 million USD. These actions emphasize a broader narrative that Ethereum, despite recent price fluctuations, still holds profit potential for those who know when to buy and sell.
Ali Martinez, the Global News Director at BeInCrypto, had a positive outlook on this story. Referring to online data from IntoTheBlock, Martinez pointed out a significant resistance level. Martinez stated, “You may need to wait for ETH to break through the massive supply wall at $1,960 USD for a price breakout.”
On-chain ETH analysis reveals that nearly 1.14 million addresses have bought around 33 million ETH at this price level. Thus, it becomes a formidable barrier and creates multiple obstacles to overcome.
The recent trading activities of this savvy whale align perfectly with the prediction that Ethereum’s price will surpass this resistance level. The meticulous actions of this informed investor have highlighted confidence in Ethereum’s price trajectory. It could also signify a shift in sentiment regarding strategy and timing in the cryptocurrency market, where each downturn and growth can indicate opportunities for the astute.