After an advance where Ethereum (ETH) tested the resistance level of $ 2,800, a sharp correction of more than fourteen percent followed. This decrease came at a time of great uncertainty on the cryptomarket, partly caused by the rising conflict between Israel and Iran and the price fall of Bitcoin (BTC). While many investors sold their ETH for fear of further falls, an anonymous Whale seized this moment to buy big.
Whale buys during panic
According to data that shared the Blockchain Analysis Platform Lookonchain on X, the wealthy investor bought a value of $ 127 million from ETH. This happened at an average price of $ 2,605 each, in exchange for 48,825 ETH. The purchases were made through the well -known Exchange Coinbase. In addition, De Whale also bought coins of addresses that are linked to Wintermute, a less well -known party. Wintermute is an algorithmic trading company that provides liquidity to the cryptomarkt.
The purchases took place while the market was panicking due to the rising tensions in the Middle East. Israel unexpectedly performed air strikes on military and nuclear goals in Iran, after which the attacks followed. During this period of uncertainty, the Whale seems to have taken the famous statement of Warren Buffett to heart: “Be anxious when others are greedy, and be greedy when others are anxious.”
ETH is undervalued
This kind of large purchases of course always raise the question: does this Whale know more than the rest of the market? And is there a further increase for Ethereum?
The ETH price is difficult to predict in the short term. However, whales often think in the long term. Given the wider market image, this investor seems to have consciously opted for an entry around $ 2,600, a level that he believes are undervalued.
Moreover, it is not random copper. On-chain data shows that this Whale has previously done several successful and profitable ETH transactions, including a win of $ 30 million. Time will learn whether this purchase is again a golden hold.
Source: https://newsbit.nl/ethereum-zakt-14-na-spanningen-in-midden-oosten-whale-grijpt-kans/
