A highly skilled trader with an impressive 100% win rate in swing trading Ethereum (ETH) recently made another bold move, purchasing 7,483 ETH worth approximately $18.8 million today. This ETH trader has undertaken healthy trades, profiting from all of them off of market volatility.
Between August 12 and September 28, they completed 10 successful trades in ETH, generating a total profit of around $2.14 million. Since October 14, they continued this winning streak, making two more trades and gaining an extra 133 ETH, valued at $334,000.
At the time of writing, the trader had 10,216 ETH (worth $25.6 million), and an unrealized loss of $1.21 million in their portfolio. This is a testament to their strategy and timing, which has resulted in a lot of money being made, even in current market conditions where there is a smattering of noise.
Ethereum Price Analysis: Rebound Likely with Key Support Level
According to analyst Ali Charts, Ethereum (ETH)’s 4-hour chart is showing a buy signal, via TD Sequential indicator. A bullish rebound is on the horizon, but ETH will need to hold support above the critical $2,480 level to execute on this view.
If ETH holds this support it will mean that the starting point for an upward move is possible, if traders are willing to buy on this level. TD Sequential indicator is popular for identifying signals of potential reversals of a trend moving ahead. The very recent buy signal can now signal the start of a bullish trend movement.
Ethereum’s chart has shown a series of red candles showing selling pressure. It is countered by a green 1 on the TD Sequential that appears to indicate a shift toward positive momentum.
Confirmation of this signal, however, would arise by holding over the $2,480 support level, which could see the cryptocurrency rally.
Ethereum traders should be watching for a reversal at $2,480, says Ali Charts. This would confirm the buy signal and would also mean a sustained set of upward trends. ETH is approaching this critical level. Iif it can hold or break it could define the short-term trend of this token.
Ethereum Accumulation Phase Signals Possible Expansion Beyond $2,730 Resistance
Looking at higher timeframes, the Ethereum (ETH) chart shows that ETH is currently in what feels like an accumulation phase, despite recent underperformance.
This means that ETH is gaining pace and there is a pivotal resistance level of $2,730. If Ethereum breaks through this resistance, that could be the beginning of a strong expansion phase, and ETH could easily run to fresh highs.
The accumulation zone indicates lower levels where buyers are quietly accumulating ETH setting the stage for a potential breakout. Breaking the $2,730 barrier would validate this accumulation.
Above this threshold, ETH might find itself entering a huge expansion phase. The price range above illustrates the same, giving quite a lot of room to rise.
If this resistance can be cleared, this setup looks like a promising upside for Ethereum. Particularly when markets have lately been playing to the bullish side for so many other large assets.
In the coming weeks, we could potentially see a strong rally of Ethereum if the accumulation phase happens as we expect.
OI-Weighted Funding Rate: Signals of Accumulation and Potential Upside
Let’s take a look at the Ethereum OI Weighted Funding Rate over the last few months. Since mid-August the funding rate has largely stayed in positive territory.
This reflects a continuous propensity to be long-positioned. But with these volatility changes reflect changing market sentiment.
Minor up movements in ETH price are correlated with each positive spike in funding rate. Traders remain cautiously optimistic about Ethereum’s upside.
