The crypto world is buzzing with talk of a potential Ethereum uptrend, but one whale trader is feeling the sting of recent market volatility. Onchain analytics firm Lookonchain revealed that this whale has lost a staggering $13 million in the past six months, despite recent gains in ETH’s price.
This whale trader, who has made five separate long positions on ETH, has been liquidated four times, resulting in a disappointing 20% win rate. Their most recent purchase, 2,117.7 ETH worth $5.17 million, came during the recent 7% surge in Ethereum’s price. However, this purchase followed a hefty loss on August 5th when the investor was liquidated for 6,078 ETH, or $14.7 million.
While this whale’s experience highlights the risks associated with the volatile crypto market, other indicators suggest that a bullish uptrend may be on the horizon. Recent data from Spot On Chain revealed that the Ethereum Foundation sold 300 ETH for 763,092 Dai in just 20 minutes earlier this week, adding to a total of 950 ETH sold since September. This selling pressure, however, is countered by the fact that a whopping 150,000 ETH was deposited to exchanges on September 19th, the highest amount since January. This influx of ETH could signify a potential surge in selling pressure as users capitalize on recent price gains or protect their profits.
Despite this mixed bag of signals, several crypto traders remain bullish on Ethereum’s future. Javon Marks, a prominent trader, sees a potential upside movement similar to the 2023 chart pattern, possibly leading to a price of $4,723.5 and even $8,000 if the price breaks above those levels. Fellow trader Wolf also predicts a strong bullish move based on technical chart patterns, stating that Ethereum has recently retested the upper boundary of an 18-month ascending triangle accumulation, setting the stage for a positive move.
The upcoming Future of Digital Assets event hosted by Benzinga on November 19th will provide a platform for further exploration of Ethereum’s influence as an institutional asset class. As the crypto market continues to evolve, it’s crucial to stay informed and make informed decisions based on a careful analysis of all available data.
