Ethereum Set For Reversal? Smart Money Bets $13M Ahead of FOMC Decision
The post Ethereum Set For Reversal? Smart Money Bets $13M Ahead of FOMC Decision appeared on BitcoinEthereumNews.com.
A smart Ethereum trader, with a remarkable record in swing trading, recently made headlines for betting over $13 million on ETH. This move comes amid a bearish crypto market as the Federal reserve rate cut decision nears. Moreover, the trader seems to be bullish on the upcoming announcement. Smart Trader Bets Big On Ethereum Earlier this week, the crypto trader in question executed his sixth consecutive winning trade in just 15 days, turning 4,821 ETH into 5,690 ETH. This brought him a profit of 869 Ethereum, equivalent to $2 million. However, his latest trade has taken a surprising turn, as he incurred his first loss, according to Lookonchain data. On Tuesday, this trader sold 5,690 ETH, valued at $13.1 million, at a price of $2,304. Shortly after, he bought back 5,660 ETH at $2,316, resulting in a loss of 30.8 ETH, worth $71.4K. This smart trader with a 100% win rate has just completed another trade, but this time he lost money! He sold 5,690 $ETH($13.1M) at $2,304 yesterday and bought back 5,660 $ETH($13.1M) at $2,316 just now, losing 30.8 $ETH($71.4K)!https://t.co/6j9IRgvFNM pic.twitter.com/iPEoF5fY9q — Lookonchain (@lookonchain) September 18, 2024 Despite this minor setback, his consistent track record of buying low and selling high suggests that he still expects Ether price to rise. As of Wednesday, September 18, ETH price dipped 3.19%, trading at $2,299.65. The trader’s recent move comes just ahead of a significant Federal Open Market Committee (FOMC) decision, with market participants widely anticipating a rate cut by the Federal Reserve. The current market sentiment favors a 50 basis points (bps) cut, although opinions are split on the exact figure. JPMorgan has forecasted a 50 bps cut. However, prominent organizations like BlackRock argue that such a steep cut would be excessive, predicting a more modest 0.25% reduction. Impact of FOMC…
Filed under: News - @ September 18, 2024 5:22 pm