Ethereum Whale Earns $554K in 24 Hours During Crypto Surge

Coinspeaker
Ethereum Whale Rakes in $554K in 24 Hours During September’s Crypto Rally

This September has yielded surprising profits for the crypto sector, with Ethereum

ETH
$2,659

24h volatility:
1.0%

Market cap:
$319.99 B

Vol. 24h:
$16.77 B

surpassing the pivotal $2,600 mark. During this surge, a specific trader has seized the moment, recording a phenomenal profit of $554,000 through a series of successful Ethereum trades.

As reported in an X post by Lookonchain, this astute trader known as the “Ethereum Whale” has maintained an impressive 100% win rate over nine trades in the past six weeks.

The trading activities of the Ethereum Whale kicked off on August 12, beginning with a modest profit of $40,712. However, this was merely the outset of his success. His most recent and lucrative transaction took place on September 26, when he allocated $26.2 million to acquire 10,206 ETH tokens. Within the same day, he flipped the cryptocurrency for $27.8 million, securing an impressive profit of $554,000.

The trader’s knack for entering the market during dips and exiting when Ethereum soared has enabled him to accrue $2.11 million in profits within a matter of weeks.

His achievements have generated significant excitement within the crypto space. Some users on X have confessed to mirroring his trades for weeks, while others speculate that the engagement of large whales like him suggests that Ethereum could be on the verge of a significant upward trend.

Ethereum Price Increase

The Ethereum market has been on a notable recovery path since its price fell to $2,171 earlier this month. Over the past week, Ethereum has experienced a 4.35% increase, with a 2% rise in the last 24 hours. The second-largest cryptocurrency by market capitalization is currently trading above the $2,600 threshold.

Interestingly, the trading volume for Ethereum also saw a 22% boost on September 27, bringing the total volume to around $17.6 billion. However, despite these advancements, Ethereum remains 46% lower than its all-time high of $4,891, achieved in November 2021.

The journey to recovery has been arduous for Ethereum, as the previous months have shown a decline in network activity. The seven-day moving average of active accounts on Ethereum has fallen by 16% over the past month, currently standing at 370,000 active accounts.

Additionally, Ethereum’s standing in institutional markets has also shown less attraction. Ether spot ETFs have witnessed a net outflow of $581.6 million since their introduction in July, according to data from SoSoValue.

The Relative Strength Index (RSI) for Ethereum indicates a value of 58.67, suggesting that the price action is currently driven by bullish sentiment, with the potential for ETH to retest higher levels soon. Notably, there is substantial resistance for the Ether token around the $2,700-$3,000 price zone.

Ethereum Whale Rakes in $554K in 24 Hours During September’s Crypto Rally