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In a strategic move, a big investor with a proven track record trading Ethereum (ETH) capitalized on the recent price surge by selling a substantial amount of holdings.
Lookonchain reports that this adept trader successfully sold all 2,850 ETH, amounting to a staggering $6.35 million, at an impressive price of $2,230 within the past six hours. The calculated maneuver resulted in a noteworthy profit of approximately $457,000.
This seasoned investor has a commendable history of ETH trading, engaging in 25 transactions over the past year. Impressively, the trader emerged victorious in 20 of these trades, consistently selling at prices higher than the initial purchase and accumulating an impressive total profit exceeding $3 million.
The timing of this strategic exit into cash coincides with ETH's surge to new heights in 2023, reaching levels not witnessed since May 9, 2022.
All eyes on Ethereum price
Currently, the price of Ethereum has soared to $2,250, marking a crucial milestone. What is important is that the altcoin breached this threshold in a downward trajectory in the past, but today's trajectory is undeniably upward.
As the Ethereum price eyes the next important level, speculation looms over whether ETH will achieve the $3,500 milestone. Equally intriguing is the interpretation of the successful trader's decision to sell positions at this pivotal moment. According to the investor's perspective, the altcoin has attained its current objectives.
The question now arises: are we on the brink of a correction, or has the market outplayed this seasoned whale? The crypto community awaits the unfolding of this high-stakes narrative.
Valeria Blokhina
Vladislav Sopov
