Ethereum
Ethereum poised for 17% upswing? Key historical insights predict rally
A smart trader with a 100% success rate buys nearly $20 million worth of Ethereum (ETH).
- Based on historical price performance, ETH could see a 17% upside rally in the coming days.
- ETH is at crucial support, if it fails to hold this level, it could fall to the $2,600 mark.
The overall cryptocurrency market has continued to experience downside momentum over the past few days. Amid this downturn, some whales and investors are looking at accumulating notable Ethereum [ETH] following its significant price decline.
Recently, an on-chain analytic firm Lookonchain made a post on X (previously Twitter) stating that a smart trader with 100% accuracy has accumulated a notable 6,424 ETH worth $19.8 million.
Smart trader bags $19.8 million of ETH amid recent decline
According to lookonchain, this smart trader took two trading days to accumulate ETH amid a recent price decline. On 2nd August, when ETH experienced a major breakdown of its crucial support level of $3,130, he purchased 4,000 ETH worth $12.58 million.
Whereas, on 3rd August, when ETH further declined and reached its next support level of $2,900, he added another 2,424 ETH worth $7.22 million.
This smart trader has taken seven trades since November 21, 2024, and each time he made a significant amount of money. Lookonchain data noted that during these trades this trader has made a notable profit of over $38 million.
Despite this notable accumulation, ETH continued to fall. A press time, it was trading near $2,880 and has experienced a price decline of 3.5% in the last 24 hours.
With this, it also reached a monthly low of $2,861 level. Meanwhile, during the same period, ETH trading volume also declined by 30%, indicating fears and lower participation from traders and investors.
ETH’s historical price momentum and upcoming levels
According to historical price momentum, whenever ETH reached near the support level of $2,900, it always experienced a massive upside rally. However, this time there is a similar expectation of an upside rally from traders and investors.
Since April 2024, ETH has reached this support level four times, and each time inventors have experienced an average of 15%-17% upside move.
Read Ethereum (ETH) Price Prediction 2024-25
If history repeats itself this time, there is a high chance ETH could soar by 17% and reach the $3,400 mark.
On the other hand, if ETH fails to hold this crucial support level, there is a high chance it could fall to the $2,600 level and $2,500 level.
