Recent price movements in the cryptocurrency market have seen ethereum experience a significant drop, and the altcoin has finally maintained a pace break below the Critical support level at $3000. ethereum has seen a notable 4.76% drop over the past 24 hours, bringing its current trading price to just over $2900.
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While retail traders are still ethereum-whales-eth-one-day/” target=”_blank” rel=”nofollow”>fighting for their next The on-chain movement data shows an interesting pattern of eth accumulation by one particular whale entity. This whale, whose strategic moves have historically demonstrated an impressive 100% investment success 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 noted by Lookonchain on social media platform x, a smart money whale has been taking advantage of the recent eth price drop to increase its holdings. As revealed by the on-chain tracker, this 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 of $3,511 per eth since May 29. At the time of writing, the smart money whale is sitting on nearly $8 million in unrealized losses.
At first glance, this aggressive buying approach may seem risky, especially given the prevailing bearish sentiment around ethereum. However, history suggests that they might actually know what they’re doing better than most. This particular whale boasts an impeccable track record with a 100% hit rate since November 2022 and seems to know exactly when to buy and sell ethereum.
It is worth noting that this smart money whale has been buying ethereum at low points and selling at higher prices between November 21, 2022, and May 23, 2024, with a total profit of over $38 million. The whale’s recent purchases, despite the current market downturn, suggest a level of confidence and knowledge that has proven accurate in the past.
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A smart money with a 100% win rate bought 4000 twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$Ether($12.58M) again 5 hours ago!
This smart money is bought and sold twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” rel=”nofollow”>$Ether 7 times from November 21, 2022 to May 23, 2024, buying at low prices and selling at high prices every time, with a 100% profit rate and a total profit of more than… image.twitter.com/3fnCkyfmQT
— Lookonchain (@lookonchain) twitter.com/lookonchain/status/1819256864049349091?ref_src=twsrc%5Etfw” rel=”nofollow”>August 2, 2024
What's next for ethereum?
At the time of writing, ethereum is trading at $2,900, marking a significant 12% drop over the past seven days. This sharp drop has led to substantial liquidations in the market. According to data from Coinglass, $78.72 million worth of eth long positions were liquidated in the past 24 hours alone.
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While the cryptocurrency's drop below $3000 is worrying for investors, bullish hope may not be lost yet. The $3000 price is a critical support level backed by significant chain activity. x.com/intotheblock/status/1819394519600697399?s=46″ rel=”nofollow”>Data indicates that over 1.7 million addresses purchased ethereum just below this level, highlighting a strong zone of buying interest. This means that $3000 remains a solid support level for eth, which could prevent further losses in the coming week.
Featured image from CNBC, chart from TradingView
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