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Cryptocurrency News Articles
This Ethereum (ETH) Swing Trader Is Mastering the Market, Winning Every Single Trade and Showcasing Admirable Market Insights
Sep 28, 2024 at 02:05 am
An experienced trader mastering Ethereum (ETH) swing trading and winning every single trade showcases admirable market insights yet again.
A skilled trader renowned for mastering Ethereum (ETH) swing trading and emerging victorious in every trade has once again showcased their market prowess. In a recent move, the trader sold 10,206 ETH (around $27.8 million) to net a gain of an impressive $554,000 in a single transaction.
The sale, executed roughly 30 minutes prior to its announcement, marks the ninth consecutive successful trade since August 12. Notably, the trader has managed to generate a total profit of $2,110,000 during this period, consistently buying at lower points and selling at higher prices.
This trader has achieved a remarkable 100% return on their trades, demonstrating a sustained and efficient strategy that has continuously capitalized on shifts in the price of ETH. Amidst the volatility in cryptocurrency prices, the trader has managed to anticipate fluctuations in market strength and acted accordingly to net hefty profits, setting a precedent for other investors seeking to capitalize on such volatility.
The recent sale comes amidst news of several whale transactions, highlighting the effectiveness of swing trading in the present market conditions. A couple of days prior to this trade, two other whales renowned for swing trading also entered the market, purchasing ETH during a dip.
One particular whale, with the wallet address 0xe0b5, has executed calculated profitable trades amounting to $1.56 million since August 12, emerging victorious in eight trades. In the latest move, the whale purchased 10,206 ETH for $26.24 million from two addresses, showcasing aggressive bullish sentiments among large traders.
Ethereum's Strong Weekly Performance
Over the past week, ETH has seen an increase in value with a market appreciation of 7.3% in price. Currently, the cryptocurrency trades at $2,654.90 in value, having risen by 1.46% within the last day. Further complementing this rise in price, there was an exceptional surge in trade volumes.
At the same time, volume was up 21.93% at $17.23 billion. This surge in volume suggests active market participation, spurred largely by strategic acquisitions from both retail and institutional investors. Among cryptocurrencies, ETH has a market valuation of $319,555,258,759, ranking it second only to Bitcoin in terms of market capitalization.
Presently, the volume-to-market capitalization ratio sits comfortably at 0.07, indicating that XOM stock is considered very liquid with many investors still keen on owning the stock. This aligns with the broader market sentiment, where both positive sentiment and trading whales are pushing the price up.
The sustained accumulation by several key trading personalities hints at long-term bullishness for ETH. Although recent price movements have seen some shifts in the identified levels, the market is holding up. This is further supported by increased activity on trading platforms, with noticeable buying seen after a short-term pullback.
Technical Analysis of Ethereum
Delving into ETH's technical aspects, we observe that the price is trading above the 50, 100, and 200 SMAs. Notably, the Relative Strength Index (RSI), a leading momentum indicator, stands at 59.74, a level indicating that ETH is approaching the overbought state, yet the upward movement might still continue.
Usually, RSI below 70 suggests the asset can still move further upward before entering the overbought zone, leading to potential short-term pullbacks.
4-hour ETH/USD Chart Source: TradingView Moreover, recent price actions show that ETH is facing resistance at around $2,660. If the price manages to push above this level, there is a higher chance for the price to continue moving upwards, with traders eyeing possible targets around $2700.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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