Earlier this week, the second-largest cryptocurrency briefly spiked to nearly $2,800 before slightly retracing to $2,710 (according to CoinGecko).
Some factors suggest it may be gearing up for a new rally, and the actions of one mysterious whale support that view.
Inside Information?
X user Max Crypto recently revealed that one anonymous trader has opened a $99 million long position in ETH with 25x leverage. What’s interesting (and even shocking) is that the market participant has made 3,156 trades so far and has a stunning 100% win rate. Just this week alone, the whale has generated $5.5 million in profits.
The trader opened the massive position when ETH was around $2,660, while the liquidation price is $2,552 (unless the individual adds extra collateral).
Of course, such a flawless track record has sparked huge speculation among X users. Very few commentators described the move as gambling, while most believe the whale has access to inside information that has been key to their successful trades so far.
Meanwhile, the declining amount of ETH stored on exchanges reinforces the bullish bet. Recently, analytics platform Santiment revealed that less than 3.5% of the asset’s supply now sits on tracked platforms, with another 1.16% of the total supply moving off since the beginning of June.
“Fewer coins on exchanges means fewer coins sitting one click away from being sold. It doesn’t guarantee higher prices, but it reduces the pool of ETH readily available to hit the market during the next wave of selling,” the entity explained.
Additional Forecasts
Michal van de Poppe and Gerla have joined the growing chorus of Ethereum bulls. The former said the asset is “looking great,” anticipating a jump toward new highs if the price exceeds $2,708 (as it did) and holds that as support. The latter suggested that ETH is still holding the same bullish structure, describing $2,770 as the key zone.
“If it flips back into support, I’m watching 2,950 first, then 3,080. Same stair-step pattern we’ve seen throughout this move. Higher lows stay intact, trend stays bullish,” he concluded.
For their part, JAVON MARKS argued that ETH appears to be entering another “massive bull run.” The analyst maintained that the price is coming out of a notable accumulation, setting $4,811, $8,500, and even $12,000 as potential targets.
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