A swing trading whale made a remarkable profit of $2.4 million during the recovery in Ethereum (ETH) prices tonight, according to Onchain data.
Taking advantage of the price movements of ETH in a single day, the whale made large-scale transactions and made a profit in the process.
The whale started the trade in the morning hours, using 82.34 million USDT to buy 25,204.6 ETH at $3,322 per token. In the evening hours, as ETH prices increased, the whale sold its position at $3,417, gaining 86.12 million USDT. This quick trade generated a profit of $2.4 million in just a few hours.
This trade added to the whale’s impressive performance for 2024, allowing him to make a cumulative profit of $7.77 million in 23 trades. A particularly striking point is that the trader lost only 4 trades and made a profit in the remaining 19 trades, achieving a success rate of 82%.
Swing trading is a strategy that aims to take advantage of short- to medium-term price fluctuations in financial markets. Unlike intraday trading, swing trading positions can be held for a few days to a few weeks, depending on market conditions.
Traders aim to take advantage of price fluctuations by buying at low price levels and selling at high levels. This strategy requires a combination of technical analysis, market timing, and risk management.