Whale Made a Hefty Purchase of This Altcoin: Should Investors Wait for Rally?

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Lookonchain revealed in a tweet today that an Ethereum (ETH) whale has purchased a significant amount of ETH in the last 24 hours. announced. According to the post, he spent 9.7 million Dai (DAI) to purchase 4,833 ETH with an average purchase price of $2,004.50.

According to the firm, this is not the first major ETH transaction by the whale. In January of this year, the whale altcoin It sold 7,500 ETH after the price of its leader soared. He then bought 9,691 ETH when USD Coin (USDC) split from the Dollar in March. Whale last sold 5,190 ETH before its price dropped on June 7, 2023.

This latest buy could indicate that the whale is expecting a significant move for the largest altcoin by market cap in the next few days. At the time of writing, the crypto is trading at $2,000.48, just above the psychological $2,000 level. This came after the coin posted a 24-hour gain of 6.78%.

Meanwhile, ETH’s daily trading volume increased 116% in the past trading day. As a result, the total volume at the time of writing was approximately $13,031,465,236.

From a technical standpoint, ETH has seen higher highs and higher lows over the past few weeks. The positive momentum continued in the last 48 hours as ETH managed to break above the key resistance levels of 1.934 and 1.970 dloalr in this period and turned these levels into support.

The price of ETH may drop slightly in the next 24 hours as investors and traders may want to take profits from the recent price increase of ETH. In such a case, ETH could decline to the aforementioned $1,970 level in the next 24-48 hours.

On the other hand, if there is another influx of buying volume for ETH in the next few days, ETH could attempt to climb to the next major resistance at $2,050.00. However, this bullish thesis will be invalidated if ETH drops below $1,970 in the next 48 hours.


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