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Cryptocurrency News Articles
Ethereum Whale Makes $554,000 Profit in a Day as ETH Price Surges Above $2,600
Sep 28, 2024 at 05:49 am
An Ethereum whale has taken advantage of the ongoing Ethereum price surge, making $554,000 profit in just one day.
An Ethereum whale has made an impressive profit of $554,000 in a single day, as the price of the second-largest cryptocurrency continues to surge.
According to data shared by Lookonchain, the Ethereum whale executed nine flawless trades over the past few weeks, boasting a 100% win rate and earning a total profit of $2.11 million.
The latest and most profitable trade was executed on September 26, when the trader purchased 10,206 ETH tokens for $26.2 million. Impeccably timed, the trader sold the tokens later the same day for $27.8 million, securing a hefty profit.
The series of successful trades began on August 12, with the whale initially gaining $40,712. Notably, some traders on X are copy-trading the whale’s moves in an attempt to replicate his remarkable success.
From the觀察, the Ethereum whale appears to be prioritizing timing over speculation in their trading strategy, which has proven to be highly lucrative so far.
Ethereum Surges Past $2,600, Trading Volume Spikes
After falling to a low of $2,171 earlier this month, the price of Ethereum has shown signs of recovery. Over the past week, ETH has risen by 4.35%.
In the last 24 hours, Ethereum’s price has gone up by 2%, enabling it to cross the $2,600 mark. This uptick in price has also led to a significant increase in trading activity.
On September 27, the trading volume increased by 22%, reaching $17.6 billion. Despite this surge in trading volume, the seven-day moving average of active accounts on the Ethereum network has decreased by 16% over the past month.
As of today, there are roughly 370,000 active accounts on the Ethereum network. While individual traders are profiting from the current price surge, institutional investors are reportedly showing more caution.
Data from SoSoValue reveals that Ether spot ETFs have faced $581.6 million in net outflows since their introduction in July 2024. This outflow indicates that larger investors are pulling back, even as retail traders are benefiting from Ethereum’s volatility.
Ethereum’s Relative Strength Index (RSI) stands at 58.67, which signals that the market is currently bullish. However, as Ethereum approaches the $2,700-$3,000 resistance levels, its short-term gains may be limited.
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!
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