Crypto Whale Bets Big on Ethereum: A Signal for a Bullish Breakout?

In the volatile ocean of cryptos, whales – individuals or entities with substantial capital – navigate with a strategy that often leaves a trail for smaller fish to follow.

One such crypto whale has recently been making waves in Ethereum. Indeed, it has demonstrated a bullish stance on the second-largest cryptocurrency by market capitalization.

Crypto Whale Piles Up on Ethereum

On November 4, a crypto whale made a notable move by depositing 31.80 million USDT to Binance, only to withdraw 8,698 ETH valued at approximately $15.94 million a few hours later. Still, this was not a one-off event.

Ethereum Price Performance. Source: CoinMarketCap

Just two days earlier, on November 2, the same crypto whale had deposited 24,495 ETH, equivalent to $45 million, to Binance after the price of Ethereum saw an uptick, aiming to net a cool profit of around $5.47 million.

According to LookOnChain, the whale’s trading history with Ethereum is impressive. It boasted eight trades since February 12, seven of which were profitable. This translates to an enviable win rate of 87.5%, with a cumulative profit exceeding $13 million.

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

These actions underscore a broader narrative that Ethereum, despite its recent price fluctuations, holds a lucrative potential for those who know when to buy and sell.

BeInCrypto’s Global Head of News, Ali Martinez, lent weight to this narrative. Referring to on-chain data from IntoTheBlock, Martinez pointed out a significant resistance level.

“You may need to wait for ETH to overcome the huge supply wall at $1,960 for a bullish breakout,” Martinez said.

According to the data, a whopping 1.14 million addresses purchased nearly 33 million ETH at this price point. Therefore making it a stiff supply wall.

Ethereum Support and Resistance Clusters. Source: IntoTheBlock

The smart whale’s recent buying spree aligns with the anticipation of Ethereum’s price breaking through this resistance. The meticulous moves by this savvy investor spotlight the confidence in Ethereum’s price trajectory. It may also be the nuanced dance of strategy and timing in the cryptocurrency market, where every dip and rise can herald opportunities for the discerning eye.