While the Ethereum Price Rises, What Do Current On-Chain Data Indicate for ETH?

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• According to on-chain data emerging in the crypto space, it appears that a trader accumulates ETH at significant low price levels and sells it at notable price peaks.
• According to the data, a smart money trader seems to have bought ETH at low price levels in the last three months and sold it at massive high prices.
• As of now, the Ethereum price has recorded a 5.5% increase in the last 24 hours, currently standing at $2,404.

The native token of the Ethereum network, ETH, attracts attention with its rise in the last 24 hours: What is the current situation in on-chain data?

Current Ethereum On-Chain Data

Ethereum, as one of the most significant blockchain-based platforms with its native token called ETH, initiated a series of speculations in the crypto space on Thursday, helping a trader worldwide achieve massive profits. According to on-chain data emerging in the crypto space, it appears that a trader accumulates ETH at significant low price levels and sells it at notable price peaks.

The smart wallet that made these profits drew the attention of crypto traders and investors worldwide as it sold these profits during Ethereum’s remarkable rise today. Moreover, with approximately $6 million in profit, the trader seems to have fueled optimism in the broader crypto market for ETH trading.

Data revealed by Lookonchain, a platform regulating on-chain metrics, shows that today, on December 28th, a wallet named nakamotosatoshi.eth, known as a smart money wallet, accumulated significant profits. Additionally, according to the data, the wallet emptied 17,700 ETH at the price of $2,384 today. Emptying the mentioned amount helped the trader make a profit of $5.8 million as of the time of writing. Furthermore, similar transfers around ETH have been observed by the same trader over the last three months.

According to the data, a smart money trader seems to have bought ETH at low price levels in the last three months and sold it at massive high prices. Interestingly, the trader achieved this with a 100% success rate. Meanwhile, the profits of the smart money trader seem to be in line with the current market dynamics of ETH. Especially, the ETH sale performed by the trader aligns with the rise shown in the market chart of ETH today.

Ethereum Price is Increasing

As of writing, the Ethereum price has recorded a 5.5% increase in the last 24 hours, currently standing at $2,404. Additionally, the weekly chart of the token shows a gain of 7.67%, while the monthly increase comes with an 18.61% momentum.

With the Ethereum price showing significant gains in recent days, crypto market enthusiasts seem to be securing bullish trends for ETH. Furthermore, with the massive profits obtained by the smart money trader, the bullish trend around ETH appears to be strengthening even more.