Based on historical price data, ETH could rise by 17% over the next few days.
ETH has significant support, and if it fails to hold at this level, it could fall to as low as $BTC The #cryptocurrency market as a whole has continued to experience a downward trend over the past few days. Amidst this downturn, some major players and investors are considering accumulating significant funds on #BTC [ETH] after a significant price drop.
The analytics company Lookonchain recently published a post on the X website (formerly Twitter). It states that smart traders with 100% accuracy earned £6,424 million in 1980.
According to Lookonchain, it took 2 days for this smart trader to accumulate #BTC amidst the recent price drop. On 8/2, when ETH faced a major breakdown of its most important support level of ¥3,130, he bought ¥4,000 worth 1,258 million ETH.
8/3, when ETH continued to fall and reached the next support level of 2,900, he added another 7.22 ETH worth another 2,424 million.
This smart trader made trades from 11/21/2024 to 7/21/2024 and made a significant amount of money each time. According to Lookonchain, this trader made a remarkable profit of more than 33800 million dollars during these trades.
Despite such a significant growth, ETH continued to fall. At press time, it was trading at 2,880 trading units, and in the last 24 hours its price has fallen by 3.5%.
the same time, it also reached a one-month low of $2,861. Meanwhile, ETH's trading volume also dropped by 30% over the same period, indicating that trader and investor participation is worrying and declining.
In accordance with historical price trends, every time ETH has reached the $2,900 support level, it has consistently shown strong growth. But this time, traders and investors are expecting a similar rise.
If history repeats itself this time, it is likely that ETH will soar 17% to reach $ 33400.
Read us at: Compass Investments
