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The blockchain tracking firm Lookonchain revealed in a tweet earlier today that an Ethereum (ETH) whale purchased a substantial amount of ETH over the past 24 hours. According to the post, he spent 9.7 million Dai (DAI) to purchase 4,833 ETH at an average purchase price of $2,004.50.
An $ETH smart whale spent 9.7M $DAI to buy 4,833 $ETH at $2,004 5 hrs ago.
— Lookonchain (@lookonchain) July 14, 2023
The smart whale:
– Sold 7,500 $ETH after the $ETH surge in January;
– Bought 9,691 $ETH during the $USDC depegging on Mar 11;
– Sold 5,190 $ETH before the $ETH price dropped on Jun 7. pic.twitter.com/dfeR94hv3m
This is not the first major ETH transaction this whale has performed, according to the firm. In January this year, the whale sold 7,500 ETH after the altcoin leader’s price had spiked. He then bought 9,691 ETH in March when USD Coin (USDC) depegged from the Dollar. Lastly, the whale had sold 5,190 ETH before its price dropped on 7 June 2023.
This latest purchase may suggest that the whale anticipates a significant move for the largest altcoin by market cap in the coming few days. At press time, the crypto was trading slightly above the psychological $2K level at $2,000.48, according to CoinMarketCap. This was after the crypto printed a 24-hour gain of 6.78%.
Meanwhile, ETH’s daily trading volume skyrocketed 116% over the past day of trading. As a result, the total stood at approximately $13,031,465,236 at press time.
From a technical perspective, ETH printed higher highs and higher lows over the past few weeks. The positive momentum continued over the past 48 hours as ETH was able to break above the key resistance levels at $1,934 and $1,970 during this period — flipping them into support as well.
ETH’s price could drop slightly in the coming 24 hours as investors and traders may look to take their profits from ETH’s recent price surge. Should this happen, ETH may decline to the aforementioned $1,970 mark in the next 24-48 hours.
On the other hand, should there be another influx of buy volume for ETH in the coming few days, then ETH may attempt to climb to the next major resistance at $2,050.00. This bullish thesis will be invalidated, however, if ETH falls below $1,970 within the next 48 hours.
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