The cryptocurrency market has been bleeding heavily again, and ETH was not spared in the renewed correction.
The largest altcoin plunged 7% over the past 24 hours, yet many analysts remain optimistic that nothing is lost and a major rebound could be coming. Meanwhile, one whale’s actions support the bullish theory.
Time to Rally Again?
Earlier today (November 6), ETH dropped to nearly $2,200 before rising to the current $2,240 (per CoinGecko). Instead of panicking, though, one big investor appears to have seen the decline as a perfect buying opportunity.
Lookonchain revealed that the whale opened a $45.3 million long position on the asset with 25x leverage. What’s particularly interesting is that the mysterious person or entity has made 10 trades so far, and they have all been successful.
Playing with millions and winning each time has naturally fueled speculation that the whale might have inside information about potential upcoming events that can positively impact ETH. Of course, that is not guaranteed, but it could encourage smaller players to jump on the bandwagon with fresh capital and aid an eventual recovery for the cryptocurrency.
Some of the analysts commenting on ETH lately include Michael van de Poppe and ZAYRO ₿. The former expects the asset to outperform BTC in “the coming period.” However, he noted that the latest correction has made that scenario more challenging.
“This range is the big range for ETH. If this breaks above 0.03, we’ll see a strong move and a surge across the board in altcoins. Big weeks are upon us,” he added.
X user ZAYRO ₿ argued that ETH’s monthly chart is “absolutely ridiculous,” saying the past two expansion phases were followed by astronomical price increases.
“Now Ethereum has spent nearly 1,800 days building its next massive base. The longest consolidation of the three structures shown. The next expansion is the one I’m positioning for. A move into five-figure territory is written all over this chart. Ethereum’s parabolic chapter is far from over,” they concluded.
A Pivotal Moment
According to Daan Crypto Trades, ETH currently sits right on the big .618 Fibonacci retracement level and the Daily 200MA. The analyst focused on the $2,350 zone, suggesting that a move above can serve as “a proper sign of strength that the bullish momentum is back.” On the other hand, a drop below could trigger a deeper correction.
If you are curious to explore additional price forecasts, please take a look at our detailed article here.
The post Never Wrong So Far: This Trader Bets Big on Ethereum (ETH) appeared first on CryptoPotato.
