Recent price fluctuations in the cryptocurrency market have caused Ethereum to drop significantly in value, with the altcoin eventually settling at that level. break below critical support level of $3,000. Ethereum has seen a significant decline of 4.76% in the last 24 hours, which has brought its current trading price to just above $2,900.
While retail investors continue fighting for your next movement, on-chain data shows an captivating pattern of ETH accumulation by a particular whale entity. This whale, whose strategic moves have historically demonstrated an impressive 100% investment win rate, has been steadily increasing its ETH holdings over the past two months.
The whale sees the crash as a buying opportunity
According to on-chain data recorded by Lookonchain on social media platform X, the clever money whale has taken advantage of the recent ETH price drop to augment its holdings. As revealed by the on-chain tracker, the whale recently purchased 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 price of $3,511 per ETH since May 29. At the time of writing, the clever money whale has almost $8 million in unrealized losses.
At first glance, this aggressive buying approach may seem risky, especially given the prevailing bearish sentiment surrounding Ethereum. However, history suggests that they may know what they are doing better than most. This particular whale boasts an unblemished track record with a 100% win rate since November 2022, and seems to know exactly when to buy and sell Ethereum.
Interestingly, this smart money whale bought Ethereum at low prices and sold at higher prices between November 21, 2022 and May 23, 2024, making a total profit of over $38 million. The whale’s recent purchases, despite the ongoing market decline, suggest a level of confidence and insights that have proven precise in the past.
A clever player with a 100% win rate bought 4000 $ETH($12.58M) again 5 hours ago!
The clever money bought and sold $ETH 7 times from November 21, 2022 to May 23, 2024, buying low and selling high every time, with a 100% success rate and a total profit exceeding… photo:twitter.com/3fnCkyfmQT
— Lookonchain (@lookonchain) August 2, 2024
What’s next for Ethereum?
At the time of writing, Ethereum is trading at $2,900, down a significant 12% over the past seven days. This acute decline has triggered significant liquidations across the market. According to Coinglass data, $78.72 million worth of ETH longs have been liquidated in the past 24 hours.
Although the cryptocurrency’s drop below $3,000 worries investors, the bullish hope may not be lost yet. The price of $3,000 is critical support level supported by significant activity in the chain. Data indicates that over 1.7 million addresses have purchased Ethereum just below this level, highlighting a forceful area of buying interest. This means that $3,000 is still a forceful support level for ETH, which could prevent further losses in the coming week.
Featured image from CNBC, chart from TradingView
