An Ethereum Smart money wallet was observed buying ETH tokens in the last 24 hours.
The token showed declines in daily prices and 24 hour trading volume according to CMC data.
Leading altcoin, Ethereum experienced the spotlight with the launch of its spot ETH ETFs in July. The token was expected to rally with price breakouts, but contrary to market expectations, ETH did not show notable surges. In the last 24 hours, a smart money wallet, known for its 100% win rate bought ETH tokens instigating market speculations.
According to Lookonchain data, the smart money wallet identified with one of its addresses ‘0x75B’, bought 4000 ETH worth $12.79 million from the Binance exchange. Notably, the smart money wallet is known for purchasing Ethereum tokens at low prices and then selling them at a higher price level.
Previously, a week ago, the wallet with the aforementioned address, was seen accumulating another 2.4K ETH worth $7.89 million. Furthermore, another address connected to the smart money wallet identified as ‘0x4fa’ bought 2.308K ETH worth $8.71 million two months ago. According to Lookonchain analysis, the wallet’s recipient has shown 100% accuracy in their previous ETH profits.
Smart money wallet recipients are top performers within the crypto market having in-depth knowledge about cryptocurrency. Relatedly, the aforementioned smart money recipient’s movements have raised market speculations of an ETH price breakout in the coming months.
Ethereum Price Weekly Overview
In the last 24 hours, the Ethereum price, after a brief upward movement to the $3,200 level, took a bearish turn. The prices, yet again slid to the $3,100 levels, while the daily trading volume has dipped by 3.73%. At the time of writing, the token was trading at $3,148 according to CMC data.
Zooming out, over the past seven days, ETH has shown mixed signals in its price activity. At the beginning of the week, the token was trading at $3,237. Following this, it rallied to the $3,300 level after which the price dip occurred. In the last few days, the token has shown consistent price declines.
Similar to Ethereum, other altcoins such as Solana and XRP have also shown price declines in the past day.
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