- Based on historical price performance, ETH could see a 17% upside rally in the coming days.
- ETH is at crucial support, if it fails to hold this level, it could fall to the $2,600 mark.
The overall cryptocurrency market has continued to experience downside momentum over the past few days. Amid this downturn, some whales and investors are looking at accumulating notable Ethereum [ETH] following its significant price decline.
Recently, an on-chain analytic firm Lookonchain made a post on X (previously Twitter) stating that a smart trader with 100% accuracy has accumulated a notable 6,424 ETH worth $19.8 million.
Smart trader bags $19.8 million of ETH amid recent decline
According to lookonchain, this smart trader took two trading days to accumulate ETH amid a recent price decline. On 2nd August, when ETH experienced a major breakdown of its crucial support level of $3,130, he purchased 4,000 ETH worth $12.58 million.
Whereas, on 3rd August, when ETH further declined and reached its next support level of $2,900, he added another 2,424 ETH worth $7.22 million.
This smart trader has taken seven trades since November 21, 2024, and each time he made a significant amount of money. Lookonchain data noted that during these trades this trader has made a notable profit of over $38 million.
Despite this notable accumulation, ETH continued to fall. A press time, it was trading near $2,880 and has experienced a price decline of 3.5% in the last 24 hours.
With this, it also reached a monthly low of $2,861 level. Meanwhile, during the same period, ETH trading volume also declined by 30%, indicating fears and lower participation from traders and investors.
ETH’s historical price momentum and upcoming levels
According to historical price momentum, whenever ETH reached near the support level of $2,900, it always experienced a massive upside rally. However, this time there is a similar expectation of an upside rally from traders and investors.
Source: Trading view
Since April 2024, ETH has reached this support level four times, and each time inventors have experienced an average of 15%-17% upside move.
Read Ethereum (ETH) Price Prediction 2024-25
If history repeats itself this time, there is a high chance ETH could soar by 17% and reach the $3,400 mark.
On the other hand, if ETH fails to hold this crucial support level, there is a high chance it could fall to the $2,600 level and $2,500 level.