Ethereum

Based

bullish

United

Bitcoin ETF

<p>The post <a href="https://coinpedia.org/research-report/a-smart-trader-buys-the-dip-adds-68-million-worth-of-ethereum/" rel="noopener noreferrer nofollow">A Smart trader buys the dip, adds $68 million worth of Ethereum</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Amidst this bearish market sentiment, traders and investors look at accumulating massive Ethereum (ETH) as it experienced a notable price drop. Today on August 3, 2024, an on-chain analytic firm lookonchain made a post on X that the smart trader with a 100% win rate purchased a notable 2,424 ETH worth $7.22 million.</p>
<h2 class="wp-block-heading" id="h-smart-trader-buys-68-million-of-eth-nbsp"><strong>Smart trader buys $68 million of ETH&nbsp;</strong></h2>
<p>Additionally, the same trader bought 4,000 ETH worth $12.58 million 24 hours ago.&nbsp;</p>
<p>According to lookonchain data, this smart trader has added 19,436 ETH worth $68.25 million since May 29, 2024, following the approval of spot Ethereum Exchange Traded Funds (ETFs). However, the average price of this massive ETH is approximately $3,587.</p>
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   <p lang="en" dir="ltr">The smart money with a 100% win rate bought 2,424 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($7.22M) 1 hour ago!<br><br>He has bought 19,436 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($68.25M) at $3,511 since May 29!<a href="https://t.co/s9HqMNDtIf" rel="noopener noreferrer nofollow">https://t.co/s9HqMNDtIf</a> <a href="https://t.co/iSeLsKaQCS" rel="noopener noreferrer nofollow">pic.twitter.com/iSeLsKaQCS</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1819760272443408450?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 3, 2024</a>
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<p>Meanwhile, this continuous accumulation by this smart trader indicates a perfect buying opportunity. The potential reason behind this notable accumulation is the ETH massive price drop in recent days.</p>
<p>In this situation, some look at this as a perfect buying opportunity while some sell off their holding. Additionally, this situation is mostly similar to post-spot Bitcoin ETF approval in the United States, where the market experienced a massive downside momentum. However, later market turned bullish and overall cryptocurrencies experienced significant upside momentum.</p>
<h2 class="wp-block-heading" id="h-ethereum-price-performance-analysis"><strong>Ethereum price performance analysis</strong></h2>
<p>At press time, ETH is trading near the $2,930 level and has experienced a price decline of over 3.4% in the last 24 hours. Meanwhile, trading volumes during the same period declined by over 20%. This fall in trading volumes signals lower participation from investors and traders during <a href="https://coinpedia.org/news/major-sell-off-incoming-genesis-moves-3-billion-of-btc-and-eth/" rel="noopener noreferrer nofollow">bearish market sentiment</a>.</p>
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming-levels-nbsp"><strong>Ethereum technical analysis and upcoming levels&nbsp;</strong></h2>
<p>According to expert technical analysis, ETH is there at a crucial support level of $2,900. Additionally, it looks like forming a bullish double-bottom price action pattern with a bullish divergence in the Relative Strength Index (RSI).&nbsp;</p>
<p>Based on the historical data, whenever ETH reaches this level it has experienced a massive upside move. Since April 2024, ETH has come to this level five times, and each time it has experienced a massive rally. As of now, there might be a similar expectation of an upside move from traders and investors.&nbsp;</p>
<p>If history repeats itself, then there is a high chance that ETH could experience a price surge to the $3,150 level.</p>

A Smart trader buys the dip, adds $68 million worth of Ethereum

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