- A trader executed several swing trade positions, offloading 4,127 Ethereum (ETH).
- The trader’s swing trade yielded approximately $200K in profit.
- ETH’s 24-hour trading volume surged by 65.79%, reaching $11.455 billion.
The blockchain analytics platform Lookonchain announced today via an X (previously known as Twitter) post that a trader has successfully executed several swing trade positions. The post detailed that the trader offloaded 4,127 Ethereum
In a subsequent article posted on October 30, 2023, Lookonchain conducted a detailed analysis of some transactions executed by this individual. The article disclosed that the trader offloaded 4,390 ETH, worth $8.1 million, on October 26, 2023. Merely 3 days following this, the trader acquired 4,556 ETH at $1,775 each.
The swing trade yielded approximately $200K in profit, as reported by Lookonchain, following the trader’s sale of 4,561 ETH, which had a value of $8.3 million. This occurred after the price of ETH had escalated to $1,819, as observed by the on-chain monitoring platform.
In a recent update from Lookonchain, it was reported that a significant transaction of 24,495 ETH, equivalent to $45 million, was made to Binance by a whale. The on-chain monitoring platform also noted that this substantial deposit coincided with the recent surge in the price of ETH.
As of the reporting time, CoinMarketCap data showed a minor correction in the leading altcoin’s price following the trader’s most recent swing trade. Consequently, ETH was trading at $1,836.46, marking a 1.94% rise from its price the previous day. This recent increase contributed to ETH’s weekly performance, resulting in a gain of +2.10%.
CoinMarketCap data reveals that ETH has seen a surge in its 24-hour trading volume. As of the latest reports, the daily trading volume of this cryptocurrency has risen by 65.79%, amounting to over $11.455 billion.
Over the last 24 hours, ETH tried to surpass the resistance level of $1,860. Despite successfully crossing this threshold earlier in today’s trading period, the altcoin’s price was swiftly pushed back under this point by bearish forces at the time of reporting.
Following this, ETH reentered the stabilization range of $1,755 to $1,860. This is a lateral range in which it has been trading for the previous fortnight.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
