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Following
ETH The mysterious giant whale has thrown US$99 million to long ETH, triggering heated discussions in the market.
Earlier this week, the price of the world's second-largest cryptocurrency briefly soared to nearly US$2,800, and then slightly retreated to US$2,710 (according to CoinGecko data). A number of factors indicate that Ethereum may be preparing for a new round of rising prices, and the operation of a mysterious giant whale further supports this view.
Inside information?
X platform user Max Crypto recently disclosed that an anonymous trader opened a long position in ETH worth US$99 million with 25 times leverage. Surprisingly, this market participant has made 3,156 transactions so far and maintains a staggering 100% win rate. This week alone, the giant whale made a profit of $5.5 million.
The trader opened this huge position when the ETH price was around US$2,660, with a strong flat price of US$2,552 (unless the individual added additional margin). Of course, such a perfect record triggered huge speculations on the X platform. A few commentators described the move as a gamble, while most believed the giant whale had inside information, which was key to the success of his previous transactions.
At the same time, the decline in ETH storage on exchanges also strengthened this bullish bet. Recently, data analysis platform Sanitation pointed out that less than 3.5% of the asset supply is currently stored on monitored platforms, and since early June, another 1.16% of the total supply has been shifted out of exchanges.
"The fewer coins there are on the exchange, the fewer chips you can click to sell at any time. This does not guarantee a price increase, but it reduces the ETH supply pool that is readily available to the market in the next wave of selling." The agency explained.
More predictions
Michal van de Poppe and Gerla have joined the growing bullish camp of Ethereum. The former said the asset had a "good outlook" and expected it to jump to a new high if the price exceeded $2,708 (which it did) and used as support. The latter recommended that ETH remain in the same bullish structure and regard $2,770 as a key area.
"If this level converts back into support, I focus on $2,950 first, then $3,080. The stepped pattern we have seen in this trend remains the same. Higher lows remain intact and the trend remains bullish." He concluded.
On the other hand, analyst JAVON MARKS believes that ETH appears to be entering another "massive bull market." The analyst maintains the view that prices are emerging from a significant accumulation period and sets $4,811,$8,500 or even $12,000 as potential targets.
