{"id":633011,"date":"2024-08-04T12:00:12","date_gmt":"2024-08-04T12:00:12","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633011"},"modified":"2024-08-04T09:34:14","modified_gmt":"2024-08-04T09:34:14","slug":"ethereum-crash-a-buying-opportunity-this-whale-thinks-so","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum-crash-a-buying-opportunity-this-whale-thinks-so\/","title":{"rendered":"Ethereum Crash A Buying Opportunity? This Whale Thinks So"},"content":{"rendered":"

Recent price movements in the cryptocurrency market have seen Ethereum experience a significant downturn, with the altcoin finally sustaining a <\/span>break below the<\/span><\/a> critical $3,000 support level. Ethereum has suffered a notable 4.76% decline over the past 24 hours, bringing its current trading price to just above $2,900.\u00a0<\/span><\/p>\n

Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says<\/a><\/div>\n

While retail traders are still <\/span>scrambling for their next <\/span><\/a>move, on-chain data shows an interesting accumulation pattern of ETH by a particular whale entity. This whale, whose strategic moves have historically demonstrated an impressive 100% investment win rate, has been steadily increasing their holdings of ETH for the past two months.<\/span><\/p>\n

Whale Sees Crash As Buying Opportunity<\/strong><\/h2>\n

According to on-chain data noted by Lookonchain on social media platform X, a smart money whale has been taking advantage of the recent ETH price fall to add to its holdings. As revealed by the on-chain tracker, this whale recently bought another 2,424 ETH worth $7.22 at the time of purchase. This latest acquisition brings the whale’s total purchases to 19,436 ETH worth $68.25 million at an average of $3,511 per ETH since May 29. At the time of writing, the smart money whale is sitting on almost $8 million in unrealized losses.<\/span><\/p>\n

At first glance, this aggressive buying approach might appear risky, especially given the prevailing bearish sentiment surrounding Ethereum. However, history suggests they might actually know what they’re doing better than most. This particular whale boasts a flawless track record with a 100% win rate since November 2022 and seems to know when exactly to buy and sell Ethereum.\u00a0<\/span><\/p>\n

Ethereum is now trading at $2902. Chart: TradingView<\/a><\/figcaption><\/figure>\n

Notably, this smart money whale has been buying Ethereum at low points and selling at higher prices between Nov 21, 2022, and May 23, 2024, with a total profit of more than $38 million. The whale’s recent purchases, despite the ongoing market downturn, suggest a level of confidence and insight that has proven accurate in the past.<\/span><\/p>\n

\n

A smart money with a 100% win rate bought 4,000 $ETH<\/a>($12.58M) again 5 hours ago!<\/p>\n

This smart money bought and sold $ETH<\/a> 7 times from Nov 21, 2022 and May 23, 2024, buying at low prices and selling at high prices each time, with a 100% win rate and a total profit of more than\u2026 pic.twitter.com\/3fnCkyfmQT<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) August 2, 2024<\/a><\/p><\/blockquote>\n

What\u2019s Next For Ethereum?<\/strong><\/h2>\n

As of the time of writing, Ethereum is trading at $2,900, marking a significant decline of 12% over the past seven days. This sharp downturn has triggered substantial liquidations in the market. According to data from Coinglass, $78.72 million worth of ETH long positions were liquidated in the past 24 hours alone.\u00a0<\/span><\/p>\n

Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend<\/a><\/div>\n

While the crypto’s drop below $3,000 is worrisome for investors, bullish hope might not be lost yet. The $3,000 price point is a <\/span>critical support level <\/span><\/a>backed by substantial on-chain activity. <\/span>Data<\/span><\/a> indicates that over 1.7 million addresses acquired Ethereum just below this level, highlighting a robust area of buying interest. This means $3,000 is still a strong support level for ETH, which might prevent further losses in the coming week.<\/span><\/p>\n

Featured image from CNBC, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Recent price movements in the cryptocurrency market have seen Ethereum experience a significant downturn, with the altcoin finally sustaining a break below the critical $3,000 support level. Ethereum has suffered a notable 4.76% decline over the past 24 hours, bringing its current trading price to just above $2,900.\u00a0 Related Reading: Solana Rebound: SOL To Hit $260 Despite Continuous Dip, Analyst Says While retail traders are still scrambling for their next move, on-chain data shows an interesting accumulation pattern of ETH by a particular whale entity. This whale, whose strategic moves have historically demonstrated an impressive 100% investment win rate, has been steadily increasing their holdings of ETH for the past two months. Whale Sees Crash As Buying Opportunity According to on-chain data noted by Lookonchain on social media platform X, a smart money whale has been taking advantage of the recent ETH price fall to add to its holdings. As revealed by the on-chain tracker, this whale recently bought another 2,424 ETH worth $7.22 at the time of purchase. This latest acquisition brings the whale’s total purchases to 19,436 ETH worth $68.25 million at an average of $3,511 per ETH since May 29. At the time of writing, the smart money whale is sitting on almost $8 million in unrealized losses. At first glance, this aggressive buying approach might appear risky, especially given the prevailing bearish sentiment surrounding Ethereum. However, history suggests they might actually know what they’re doing better than most. This particular whale boasts a flawless track record with a 100% win rate since November 2022 and seems to know when exactly to buy and sell Ethereum.\u00a0 Notably, this smart money whale has been buying Ethereum at low points and selling at higher prices between Nov 21, 2022, and May 23, 2024, with a total profit of more than $38 million. The whale’s recent purchases, despite the ongoing market downturn, suggest a level of confidence and insight that has proven accurate in the past. A smart money with a 100% win rate bought 4,000 $ETH($12.58M) again 5 hours ago! This smart money bought and sold $ETH 7 times from Nov 21, 2022 and May 23, 2024, buying at low prices and selling at high prices each time, with a 100% win rate and a total profit of more than\u2026 pic.twitter.com\/3fnCkyfmQT \u2014 Lookonchain (@lookonchain) August 2, 2024 What\u2019s Next For Ethereum? As of the time of writing, Ethereum is trading at $2,900, marking a significant decline of 12% over the past seven days. This sharp downturn has triggered substantial liquidations in the market. According to data from Coinglass, $78.72 million worth of ETH long positions were liquidated in the past 24 hours alone.\u00a0 Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend While the crypto’s drop below $3,000 is worrisome for investors, bullish hope might not be lost yet. The $3,000 price point is a critical support level backed by substantial on-chain activity. Data indicates that over 1.7 million addresses acquired Ethereum just below this level, highlighting a robust area of buying interest. This means $3,000 is still a strong support level for ETH, which might prevent further losses in the coming week. Featured image from CNBC, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":633018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,1558,8323,1946,8686],"class_list":["post-633011","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-cryptocurrency","tag-eth","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Crash A Buying Opportunity? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Crash A Buying Opportunity? 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