- The Ethereum whale’s history shows a solid ability to time entries into ETH this year, securing major profits from accumulation trades.
- Swapping nearly $10 million USDC for ETH during the latest price rally signals the whale sees further upside ahead.
- Retail traders should make portfolio decisions based on their analysis, not simply mirror the actions of crypto whales.
Image source: Spotonchain
A prominent Ethereum whale has made a substantial trade that signals confidence in ETH’s upside potential. The whale wallet with address 0x828 swapped 9.88 million USDC for 6,000 ETH on September 29th, 2023, as Ethereum’s price saw a 4.7% rally to over $1,646. This large buy hints that experienced traders anticipate further gains for the second-largest cryptocurrency.
Strategic accumulator with mixed results
The 0x828 whale has a track record of well-timed Ethereum accumulation this year. They realized a staggering $14 million profit from two ETH buys executed earlier in 2023. However, only some trades have been profitable. The whale’s third documented Ethereum trade ended up losing money. Overall, 0x828’s estimated total profit sits around $7 million after accounting for their initial unprofitable swap.
Currently, 0x828 holds roughly 8,000 ETH worth $13.2 million. This substantial position indicates they remain engaged in Ethereum despite recent volatility. The whale’s trading history illustrates crypto markets’ potential rewards and inherent risks.
Preparing for an Ethereum price recovery
Image source: Coinmarketcap
Besides profits, the activities of whales like 0x828 raise questions about long-term ETH accumulation strategies. 0x828 has shown an aptitude for entering Ethereum at opportune times. As such, their latest large ETH purchase could indicate preparation for future bullish momentum.
Moreover, Ethereum fundamentals remain strong despite weakness this year. Upgrades like Shanghai and growing ecosystem adoption paint a positive long-term picture. As a result, experienced traders such as 0x828 may anticipate a recovery back toward ETH’s all-time highs. However, risks like ongoing macro uncertainty persist.
Significance for retail traders
While whales often exhibit savvy trading instincts, their strategies do not guarantee gains. Ethereum appears primed to resurge, but potential pitfalls remain. The actions of influential market participants will be telling, but retail traders should independently evaluate portfolio decisions before mimicking their moves. However, substantial profits could arise amidst Ethereum’s next rally with prudent planning.