In the volatile ocean of crypts, whales often navigate a strategy that leaves a trail for smaller fish to follow. One such crypto whale has been making waves in Ethereum lately. Indeed, the leading altcoin showed an upward trend during this period. In the latest development, this whale is collecting a large amount of ETH.
Giant crypto whale is accumulating leading altcoin Ethereum!
cryptokoin.comAs you follow from , the market has started to warm up. As a result, we saw whales more often. So much so that some whales return after receiving large profits. A giant crypto whale made a notable move by depositing 31.80 million USDT on Binance. This whale withdrew 8,698 ETH worth approximately $15.94 million after just a few hours. By the way, this wasn’t a one-off incident, though.
Just two days ago, the same crypto whale deposited 24,495 ETH, equivalent to $45 million, on Binance after the altcoin price soared. In this move, he aimed to make a profit of approximately 5.47 million dollars. According to on-chain analytics platform LookOnChain, the whale’s trading history with Ethereum is impressive. Whale has made eight transactions since February 12, seven of which were profitable. This translates to an enviable win rate of 87.5%, with cumulative profits exceeding $13 million.
What does the whale aim for with this move?
These actions underscore a broader narrative that Ethereum, despite recent price fluctuations, has lucrative potential for those who know when to buy and sell. Popular crypto analyst Ali Martinez weighs in on this narrative for the altcoin. Citing IntoTheBlock’s on-chain data, Martinez points to a significant resistance level. “You may have to wait for ETH to break through the massive supply wall at $1,960 to start moving higher,” Martinez says. According to this data, 1.14 million addresses purchased approximately 33 million ETH at this price point. This makes it a hard supply wall.
The smart whale’s latest buying spree is in line with the expectation that the altcoin price will break this resistance. This savvy investor’s meticulous moves underscore confidence in Ethereum’s price trajectory. This also shows that every decline and rise heralds opportunities to keep a watchful eye. It’s also possible there’s a subtle dance of strategy and timing in the cryptocurrency market.
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