Sell alert? ‘Smart’ Ethereum Whale dumps $21 million in ETH

Observing smart whales’ movements can provide valuable insights for crypto traders and investors navigating cryptocurrency waters. These are highly capitalized addresses with a profitable trading history.

Recently, a smart whale trading Ethereum (ETH) closed a position worth $21 million for a profit of $5.32 million.

According to a post by Lookonchain on X (formerly Twitter), the address acquired 7,429 ETH worth $16.5 million on January 26 and sold the entire position at $2,937 per token on February 23.

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Previously, the investor made $5.34 million in realized profits with a similar trade from October 2023 to January 2024. In particular, the smart Ethereum whale bought 9,217 ETH at $1,863 and sold at $2,442, on average.

ETH/USD 4-hour chart with the smart Ethereum whale buy/sell operations. Source: Lookonchain

Ethereum price analysis amid smart whale activity

Notably, Ethereum surged by 100% during these four months from the smart whale’s first purchase to its last sell-off. In the meantime, ETH traded as low as $1,522.84 and as high as $3,032.36.

This impressive performance now places Ethereum with an overbought Relative Strength Index (RSI) in the daily chart. Such a status hints at a price correction at any moment, which might explain the smart whale’s recent activity.

Interestingly, the 50-day exponential moving average (EMA) could act as support. It is currently floating around $2,550 for approximately a 13.5% drop from $2,957 by press time.

ETH/USD daily chart on Binance. Source: TradingView (Finbold)

In summary, a smart whale is a profitable trader moving large sums, which the market can observe for insights. This Ethereum smart whale has profited over $10.66 million in four months, now selling in a bearish bias.

Nevertheless, investors should not be blindly following other people’s movements. Instead, they should learn and build their own strategy, understanding the risks and the market’s volatility.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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