Ethereum “Smart Money” Takes A Loss As Market Volatility Hits – Could A Bullish Surge Be Ahead?

A prominent trader with a 91% success rate in the market recently suffered a significant loss after selling 4,973 aEthWETH (worth $12.53 million) at an average price of $2,520, well below the $2,660 entry point.

The position, opened with 4,969 aEthWETH, marks a loss of $696,000 over 12 trades, reducing the trader’s win rate to 83%, with 10 wins out of 12 attempts.

Another significant position linked to the same trader, involving the purchase of 5,117.5 ETH at $2,660 on September 26, remains unsold. This trade alone has a floating loss of $655,000, meaning the trader has only exited half of the position.

5.84% Ethereum Addresses Looks To Break Even Once Price Crosses $3,000

At present, 5.84% of Ethereum addresses would break even if prices ranged between the current level and $3,000. Despite the recent downturn, some analysts, like Ali Martinez, remain optimistic about Ethereum’s potential. Martinez points out that Ethereum is still trading within a bullish channel, and historically, each bounce off the channel’s lower boundary has led to an average price increase of 130%.

If this trend continues, Ethereum could soar to $6,000, provided it holds its key support level at $2,300. However, market sentiment remains cautious, as last week saw the Ethereum spot ETF experience a net outflow of $5.22 million from October 7 to 11, reflecting broader uncertainty in the market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Source: https://nulltx.com/ethereum-smart-money-takes-a-loss-as-market-volatility-hits-could-a-bullish-surge-be-ahead/