Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, is currently drawing significant attention as a favorable buying opportunity. This interest is fueled by substantial accumulation from both whales and institutional investors. A noteworthy instance occurred on November 1, 2024, when Lookonchain, a blockchain-based transaction tracker, highlighted a smart trader’s acquisition of a substantial 7,483 ETH, valued at approximately $18.8 million.
ETH Accumulation By Whales and Traders
The cryptocurrency community was abuzz with the news of the trader’s impressive 100% success rate in swing trading ETH. This purchase was strategically timed as ETH hovered near the lower boundary of its bullish channel pattern. Over a span from August 12 to September 28, 2024, this savvy trader executed ten successful trades, amassing a total profit exceeding $2.14 million. Following this period, the trader continued to demonstrate skillful trading, with two additional profitable trades since October 14, 2024.
Currently, this astute trader holds a portfolio of 10,216 ETH, valued at $25.6 million, although facing an unrealized loss of $1.21 million. Complementing this activity, another significant whale, identified by the wallet address “0xb9,” has acquired an impressive 19,772 ETH, worth $50 million, over the past three days. Since September 17, 2024, this whale has accumulated a remarkable 54,272 ETH, valued at $137 million, from exchanges like Binance and Bybit. This continuous and substantial accumulation serves as a bullish indicator for token holders, suggesting a potential upward rally in the near future.
Ethereum Technical Analysis and Upcoming Levels
Technical analysis experts forecast a bullish trajectory for Ether, predicting an 11% rally that could drive the price to the $2,815 level in the coming days. This optimistic outlook is primarily based on the observed price action pattern. On the daily chart, ETH has formed a bullish ascending pattern, with the current price positioned at the lower boundary of this formation.
Historically, when the price approaches this lower boundary, it typically encounters significant buying pressure, resulting in an upward rally. With a similar pattern forming, the crypto community anticipates a comparable upward movement in the near term.
Current Price Momentum
As of the latest data, ETH is trading around the $2,545 mark, having experienced a 1% decline over the past 24 hours. Despite this slight dip, the trading volume surged by 7.5% during the same period, reflecting increased participation from traders and investors in response to recent whale activity.
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