The post Ethereum (ETH) Eyes 12% Rally as 100% Win-Rate Trader Goes Long appeared first on Coinpedia Fintech News
Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, appears to be a perfect buying opportunity as whales and institutions are heavily accumulating. On November 1, 2024, a blockchain-based transaction tracker Lookonchain made a post on X (previously Twitter) that a smart trader had purchased a significant 7,483 ETH worth $18.8 million.
ETH Accumulation By Whales and Traders
One thing that captured everyone’s attention is the trader’s 100% win rate. Additionally, this purchase occurred when ETH was near the lower boundary of its bullish channel pattern.
https://twitter.com/lookonchain/status/1852290816158630112
Lookonchain noted that this trader has traded ETH nearly 10 times between August 12 and September 28, 2024, achieving a total profit of over $2.14 million. Currently, this smart trader holds 10,216 ETH worth $25.6 million with an unrealized loss of $1.21 million.
Additionally, another whale wallet with the address “0xb9” has acquired a significant 19,772 ETH worth $50 million over the past 3 days. This address has accumulated a substantial 54,272 ETH valued at $137 million from Binance and Bybit since September 17, 2024.
This continuous and significant accumulation of ETH hints at a bullish signal for token holders and suggests a potential upward rally in the coming days.
Ethereum Technical Analysis and Upcoming Level
According to expert technical analysis, Ether appears bullish and is poised for an 11% rally to reach the $2,815 level in the coming days. The primary reason for this bullish outlook is the price action pattern. On the daily chart, ETH has formed a bullish ascending price action pattern, with the current price positioned at the lower boundary of this pattern.
Source: Trading View
Based on historical price momentum, whenever the price approaches the lower boundary of the pattern, it tends to encounter buying pressure, resulting in an upward rally. With a similar pattern forming this time, the crypto community expects a comparable upside rally in the coming days.
Current Price Momentum
As of now, ETH is trading near $2,545 and has experienced a price decline of 1% over the past 24 hours. During the same period, its trading volume soared by 7.5%, indicating heightened participation from traders and investors amid recent whale activity.
