In the volatile ocean of cryptos, whales – individuals or entities with substantial capital – navigate with a strategy that often leaves a trail for smaller fish to follow.
One such crypto whale has recently been making waves in Ethereum. Indeed, it has demonstrated a bullish stance on the second-largest cryptocurrency by market capitalization.
Crypto Whale Piles Up on Ethereum
On November 4, a crypto whale made a notable move by depositing 31.80 million USDT to Binance, only to withdraw 8,698 ETH valued at approximately $15.94 million a few hours later. Still, this was not a one-off event.
Just two days earlier, on November 2, the same crypto whale had deposited 24,495 ETH, equivalent to $45 million, to Binance after the price of Ethereum saw an uptick, aiming to net a cool profit of around $5.47 million.
“You may need to wait for ETH to overcome the huge supply wall at $1,960 for a bullish breakout,” Martinez said.
According to the data, a whopping 1.14 million addresses purchased nearly 33 million ETH at this price point. Therefore making it a stiff supply wall.
The smart whale’s recent buying spree aligns with the anticipation of Ethereum’s price breaking through this resistance. The meticulous moves by this savvy investor spotlight the confidence in Ethereum’s price trajectory. It may also be the nuanced dance of strategy and timing in the cryptocurrency market, where every dip and rise can herald opportunities for the discerning eye.
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