Whale Bets on Ethereum: Low Buy Operation Earns $83 Million
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Recently, a whale suspected to be associated with Longling Capital made a strong move after a price correction in ETH, increasing their holdings by 6,000 ETH, demonstrating confidence in Ethereum's future growth. This investor has accumulated profits of $83 million through low buying and high selling, continuously using market fluctuations to develop precise strategies.
Overview of Whale Operations
Total Buy: Since May 8, 2023, purchased 75,400 ETH, with a total value of approximately $180.4 million, at an average buying price of $2,392.
Total Sell: Sold 50,800 ETH, at an average price of $3,401, with total revenue of $172.08 million.
Recent Actions: After the price correction, the whale seized the opportunity to buy, indicating a strong bullish attitude towards the market.
Ethereum Technical Analysis: Key Support and Potential Targets
The current Ethereum price is around $3,650. Although it has retreated from a local high of $4,100, it still firmly holds the 26-day moving average (EMA) support. This support line often serves as a starting point for upward trends. Meanwhile, the medium-term upward trend line remains intact, indicating that market buying remains strong.
Upside Potential: If the bullish momentum continues, Ethereum may break through $4,100 and challenge the $5,000 high.
Downside Risk: If it drops below $3,500, the market may enter a long-term consolidation phase.
Market Signals Behind Whale Behavior
Volume data shows that buying surged when the market declined, aligning with the whale's accumulation pattern. This operation indicates that the whale is confident in Ethereum's future risk resistance, injecting optimism into the market.
Investors should closely monitor key price levels:
Bullish Opportunity: Consider increasing positions if it breaks above $4,100.
Risk Management: Exercise caution if it falls below $3,500.
The whale's strategic operations indicate that Ethereum still has tremendous potential, and short-term fluctuations may provide investors with good entry opportunities.
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