The price of Ethereum saw an unexpected spike in September. A successful cryptocurrency investor made $554,000 in ETH in just 24 hours. The investor earned $2.11 million in total from nine successful trades.
With the ongoing bullish movement in the cryptocurrency market, Ethereum gained value at $2,680. This sudden increase in the price of Ethereum, which was generally expected to show poor performance in September, supported an uptrend in the cryptocurrency market. A trader who took advantage of this opportunity made a profit of $554,000.
The cryptocurrency market has a dynamic structure with millions of assets and has the potential to offer high returns to investors. However, there are many factors that affect price movements, and this makes cryptocurrency trading a process that requires a constant balance between profit and loss. Proper portfolio management, market research and similar strategies should be constantly implemented.
The trader in question started trading cryptocurrencies on August 12th and made his first profit of $40,000. This was just the beginning; his profits have been increasing steadily. The trader, who made his most recent trade yesterday, bought $26 million worth of ETH and sold it for $27.8 million the same day, making a profit of $554,000. He surprised investors by making a total of nine trades with a 100% success rate.
Ethereum Performance
Ethereum has started to recover from the decline at the beginning of the month, gaining 4.35% on a weekly basis and 1.66% in the last 24 hours. The trader made his last trade when the price of ETH was around $2,572 and made a significant profit by selling when the price rose. ETH is currently trading at $2,666, above previous levels.
This performance, although not the best results for the second-largest cryptocurrency, is considered a significant recovery after the previous decline. If this trend continues, ETH’s price is expected to reach the $2,900 target. The interest in ETH from BlackRock CEO Larry Fink also supports the price increase.
Cryptocurrency trading is a field where timing is critical. Trading at the right time can yield big profits. The trader in question made a successful strategy and made $2.11 million in Ethereum profit in just a few weeks.
