The largest smart contract platform Ethereum‘s native asset Ether (ETH), on December 27th, surprisingly surged amidst a bullish cycle in the cryptocurrency world, enabling many investors to achieve tremendous gains. The emerging on-chain data indicates that an investor who had been accumulating ETH at low prices acted after the recent rise and sold the accumulated ETH at high prices.
Smart Money Selling Accumulated ETH
According to current data revealed by Lookonchain, a data provider that facilitates the reading of on-chain data, a smart money wallet address using the tag nakamotosatoshi.eth made a high-profit ETH sale today. According to the data, the wallet address sold 17,700 ETH at $2,384 each. With this transaction, the owner of the wallet address made a profit of $5.8 million.
The data shows that the owner of the wallet addresses had a tendency to regularly accumulate ETH at low prices and considered the rises in the last three months as an opportunity to sell. Interestingly, the investor has a 100% success rate in this regard.
On the other hand, this move by the cryptocurrency investor caused many negative speculations that the price of the altcoin would fall. In particular, the slight pullback in the price following the investor’s ETH sale fueled these speculations.
Current Ethereum Price Situation
At the time of writing this article, Ethereum’s ETH has seen a 5.31% increase in the last 24 hours, trading at $2,403. It is worth noting that with this gain, the altcoin king has increased its weekly gain to 6.90% and its monthly gain to 18.52%.
The recent notable gains in ETH’s price have increased the bullish expectations among cryptocurrency enthusiasts. Especially, surpassing the critical threshold of $2,353 in the daily timeframe suggests that a rise up to $2,638 is on the table. If this threshold is exceeded, the next target level will be $2,940.
