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Ethereum Crash A Buying Opportunity? This Whale Thinks So

Published

3 months ago

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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. 

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. 

Ethereum is now trading at $2902. Chart: TradingView

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.

What’s 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. 

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





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Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React

Published

42 mins ago

on

November 2, 2024

By


As per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.

Donald Trump Loses Majority In Swing States

Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.

The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.

Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.

As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.

Bitcoin and Altcoins Take a Pause

Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.

Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.

This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.

The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Altcoins

Top Analyst Says ‘God Candle’ Loading on Solana-Based Altcoin, Updates Outlook on Bitcoin and Dogecoin

Published

20 hours ago

on

November 1, 2024

By


A widely followed analyst and trader is leaning bullish on a blockchain oracle built in the Solana (SOL) ecosystem while offering his outlook on Bitcoin (BTC) and Dogecoin (DOGE).

Pseudonymous crypto trader Bluntz tells his 290,400 followers on the social media platform X that the native token of Solana-based blockchain oracle Pyth Network (PYTH) is primed for a strong bullish movement.

“God candle loading on PYTH.

Perfectly rounded bottom with three months of accumulation.

Currently flirting with the final boss as far as accumulation resistance goes [just below the $0.50 price] and once cleared, clear skies ahead.

Solana beta is about to start getting some love again in my opinion.”

Image
Source: Bluntz/X

PYTH is trading at $0.399 at time of writing.

Moving on to the flagship digital asset, Bluntz – who regularly utilizes Elliott Wave theory in his technical analysis – says that Bitcoin “should pop higher” after undergoing a brief correction in a three-wave pattern.

Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

Based on the analyst’s chart, it appears Bluntz is suggesting that Bitcoin could hit a new all-time high price of just under $80,000 in the first few days of November.

“I see lots of election volatility fear posts popping up and I don’t think the fear is unfounded, but I do think that election volatility will rear its head from higher up.”

Image
Source: Bluntz/X

Bitcoin is trading at $72,054 at time of writing.

Concluding with popular meme asset DOGE, the trader says its primed to go higher after enjoying an accumulation period of over two years.

“Many will succumb to selling DOGE too early, despite getting in at these low levels.

This is a consequence of 874 days of accumulation, recondition your brain, bullieve in something.”

Image
Source: Bluntz/X

Dogecoin is trading at $0.171 at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Analyst Says DeFi Altcoin Gearing Up for Liftoff, Updates Outlook on Solana and Dogecoin

Published

2 days ago

on

October 31, 2024

By


A crypto strategist who accurately called the Bitcoin (BTC) correction earlier this year thinks a decentralized finance (DeFi) altcoin is getting ready to erupt.

Pseudonymous analyst Rekt Capital tells his 508,200 followers on the social media platform X that the native asset of the yield tokenization protocol Pendle (PENDLE) looks poised to start a new uptrend.

The analyst shares a chart suggesting that PENDLE has successfully retested the neckline of an inverse head and shoulders pattern on the weekly chart, indicating that the altcoin is in a position to move higher.

“Technically, PENDLE has performed a good weekly close above the $4.48 (blue) level

Two weeks ago, PENDLE broke blue as resistance.

Last week, PENDLE successfully retested it as support.

This week, PENDLE needs to continue holding here to lift-off.” 

Image
Source: Rekt/X

An inverse head and shoulders pattern is a bullish reversal structure suggesting that demand for an asset is on the rise as investors pile in without waiting for price to revisit recent lows.

At time of writing, PENDLE is trading for $5.04, up over 9% in the past day.

Looking at the layer-1 protocol Solana, Rekt thinks SOL is on track to move higher after flipping two resistance levels as support.

“SOL has actually performed a bullish weekly close.

Why? Because SOL weekly closed above the confluent resistance area that is the blue diagonal trendline and red box…

Looks like the post-breakout retest has been successful.”

Image
Source: Rekt/X

At time of writing, SOL is worth $179.77.

As for Dogecoin (DOGE), the analyst thinks the altcoin is flashing constructive price action that would send the top memecoin to his target at $0.20.

“Dogecoin has successfully retested the red level ($0.14) as support.

DOGE has since rallied +26% to the upside.

Following the orange pathway perfectly thus far.” 

Image
Source: Rekt/X

At time of writing, DOGE is trading for $0.175.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





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