The post Can ETH Give Traders a $3 Million Profit Like One ‘Smart Money’? appeared on BitcoinEthereumNews.com.

A smart money trader made profits 20 times out of 25 by trading ETH. If ETH retraces, $2,160 may be a good entry point as the coin may later hit $2,400. Short will most likely be liquidated as long as the current  ETH momentum holds. Trading cryptocurrencies can be tricky for inexperienced players. But for smart money traders, price swings can be vital for making gains, and that was the case with a trader who has made $3 million in profit from trading Ethereum [ETH]. 20 Wins Out of 25 According to Lookonchain, this trader sold all of his ETH for $6.35 million at an average price of $2,230. Although the recent profit was around $457,000, the same trader has exchanged ETH 25 times in the past 365 days. Lookonchain also mentioned that the trader made gains 20 times out of the possible 25. A smart money who is good at trading $ETH sold all 2,850 $ETH($6.35M) at $2,230 in the past 6 hours, making ~$457K. He/she has traded $ETH 25 times in the past year, winning 20 times (the selling price is higher than the buying price), with a total profit of more than $3M. pic.twitter.com/we5vLfZ5ZM — Lookonchain (@lookonchain) December 4, 2023 While moves like this are rare, ETH’s recent price action played a role in the trading outcome. At press time, ETH changed hands at $2,251. Previously, Coin Edition had reported how the altcoin tight-trading range called for concern. But the bullish momentum in the last seven days ensured that ETH crossed the $2,000 psychological area once again. Per the ETH/USD 4-hour chart, the altcoin’s bullish momentum was so strong such that bears may find it hard to stop. ETH Targets $2,400 Using the Fibonacci extension level, the chart showed that the 1.618 level may serve as an…

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Filed under: News - @ December 4, 2023 4:16 pm