Whales Take Advantage of Ethereum Price Drop to Make $1.56 Million
Date: 2024-09-30 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
One of them, associated with wallet 0xe0b5, has made eight successful trades since mid-August, skillfully buying Ethereum at a low price and selling it at a higher price, which has earned them significant profits.
The latest purchase of 10,206 ETH, worth $26.24 million, was made three hours before the last market update. This whale has shown an impressive ability to accurately time his trades, achieving a 100% success rate over the past month and a half. The total profit from the eight trades was $1.56 million.
A Consistent Profit from Swing Trading
According to Lookonchain data, the whale consistently uses a swing trading strategy, buying Ethereum on dips and selling it on rises. On September 21, the whale sold 10,686 ETH for $26.23 million at a price of $2,455 per unit, earning $530,492. The smallest profit during this period was $40,712, highlighting the stability of his income even in small trades.
Other successful trades include buying 5,690 ETH on September 18 for $13.1 million and selling it the next day for a profit of $140,754.
The table of trades shows that the whale regularly adjusts his positions to take advantage of Ethereum price fluctuations. For example, on September 6, he made several trades involving the purchase and sale of 5,263 ETH and 5,153 ETH, which earned him $248,429 and $130,453, respectively. This consistency in predicting price trends allows the whale to maintain a significant profit margin on all transactions.
This trading activity shows the potential for strategic trading in volatile markets such as Ethereum. Close monitoring of price changes and well-timed trades allowed this trader to accumulate $1.56 million in a short period of time. The ability to consistently buy low and sell high even in volatile conditions highlights the opportunities for experienced crypto market participants.
