Ethereum, the leading smart contract platform, saw its native currency Ether (ETH) surge on December 27, amidst a bullish cycle in the crypto world, leading to substantial gains for many investors. On-chain data revealed that an investor who had been accumulating ETH at lower prices took action following the recent price increase, selling the accumulated ETH at higher prices.
According to data from Lookonchain, a data provider that simplifies the analysis of on-chain data, a smart money wallet address tagged as nakamotosatoshi.eth executed a profitable sale of ETH. The wallet sold 17,700 ETH at a price of $2,384 each, resulting in a gain of $5.8 million.
The data indicates that the wallet’s owner has been consistently buying ETH at low prices and has been using price surges over the past three months as opportunities to sell. Remarkably, the investor has achieved a 100% success rate in these transactions.
However, this move by the crypto investor led to various negative speculations, including predictions of a potential decline in the altcoin’s price. Particularly, a slight pullback in ETH’s price following the investor’s sale fueled these speculations.
At the time of writing, ETH was trading at $2,403, up 5.31% over the last 24 hours. This rise brought its weekly gain to 6.90% and its monthly gain to 18.52%.
The recent price gains of ETH have increased the anticipation of a continued upward trend among crypto enthusiasts. A critical daily threshold of $2,353 was surpassed, suggesting the potential for a rise to $2,638. Should this threshold be exceeded, the next target level is anticipated to be $2,940.