Ethereum has surged above $2,600, with one trader making an impressive $554,000 profit from smart trades.
September has brought unexpected gains to the crypto market, with Ethereum ETH $1 567 24h volatility: 5.3% Market cap: $189.04 B Vol. 24h: $59.21 B rising above the critical $2,600 level. Amid this rally, one particular trader has capitalized on the opportunity, making a staggering $554,000 in profit through a series of flawless Ethereum trades.
According to an X post by Lookonchain, this savvy trader dubbed the “Ethereum Whale” has achieved a remarkable 100% win rate in nine trades over the last month and a half.
The Ethereum Whale’s trading spree began on August 12, where he made a modest return of $40,712. However, this was just the beginning. His latest and most profitable trade occurred just on September 26, when he invested $26.2 million to purchase 10,206 ETH tokens. Within the same day, he sold the cryptocurrency for $27.8 million, locking in a hefty profit of $554,000.
The trader’s ability to enter the market during periods of low prices and exit when Ethereum surged has allowed him to amass $2.11 million in profits in just a few weeks.
The trader’s success has sparked major buzz within the crypto community. While some users on X have admitted to copy-trading his moves for weeks, others believe that the involvement of large whales like him signals that Ethereum may be on the brink of a major uptrend.
Ethereum Price Surge
The Ethereum market itself has been on a notable recovery trajectory since its price plummeted to $2,171 earlier in the month. Over the past week, Ethereum has gained 4.35%, with a 2% rise in the last 24 hours. The second largest cryptocurrency by market cap is currently trading above $2,600.
Interestingly, trading volume for Ethereum has also recorded a 22% increase on September 27, bringing the volume to around $17.6 billion. However, despite these gains, Ethereum is still trading 46% below its all-time high of $4,891, which it achieved in November 2021.
The road to recovery has been challenging for Ethereum, as the past few months have seen a decline in network activity. The seven-day moving average of active accounts on Ethereum has dropped by 16% in the past month, standing at 370,000 active accounts as of now.
Meanwhile, Ethereum’s performance in institutional markets has also been less impressive. The Ether spot ETFs have seen a net outflow of $581.6 million since their launch in July, according to data from SoSoValue.
The Relative Strength Index (RSI) for the Ethereum price action reads a value of 58.67, which means that the digital asset’s price action is currently controlled by the bulls and there are chances of ETH retesting higher highs in the short term. Notably, there is strong resistance for the Ether token around the $2,700-$3,000 price region.
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