Ethereum operates as a leading decentralized blockchain allowing smart contract execution. Its native cryptocurrency, ETH, serves as the platform’s digital currency. ETH ranks as the second-largest cryptocurrency by market capitalization, following closely behind Bitcoin in the crypto space.
Ethereum (ETH), the world’s second-largest cryptocurrency, has surged by over 20% this week, reaching nearly $3,050 in trading price. This price increase is driven by significant whale accumulation and a notable block trade in its options market.
Also Read: Ethereum (ETH) Price Prediction
Investor Confidence with Ethereum Block Trade Signals
The Greeks.Live shared a post on the X platform about an ETH single trade with a value of $17 million. The trade involved a rollover position with a notional value of $17 million, making it the largest single block trade of the day. Specifically, the investor sold 3,000 ETH-29MAR24-2800-C holdings and bought 3,000 ETH-29MAR24-3000-C contracts simultaneously.
Based on the analysis of previous block orders, it appears that opening this position at the start of the month required an initial investment of around $200,000. Through a strategic rollover, the investor not only recovered their initial capital but also achieved a profit three times the original amount invested.
This successful maneuver not only highlights the investor’s trust in Ethereum’s long-term potential but also showcases its adeptness in seizing market opportunities efficiently.
The market has turned stronger and the BTC & ETH options block market is extremely active.
— Greeks.live (@GreeksLive) February 21, 2024
The largest single block trade in ETH yesterday was a $17 million notional rollover position, selling 3,000 ETH-29MAR24-2800-C holdings while buying 3,000 ETH-29MAR24-3000-C to remain long… pic.twitter.com/8WTmGibTuy
Also Read: Ethereum (ETH): ETH Predicted to Hit $4,000, Find out When
How High Will ETH Go in 2024
As we found on CoinMarketCap, the ETH Coin is trading around $2,977.38 with over 21% increase in price over the last 30 days chart and a 1.48% increase in the last 24 hours chart. The Ethereum Coin market cap is at $357.4 B and the ETH Coin’s total volume for the last 24 hours was approximately $20.3 billion.
As per our expert’s technical analysis, the Ethereum Coin can reach a maximum price level of $4,508.34 with an average price range of $4,083.02 if the crypto market goes as expected. If there is any bearish environment in the market or any negative news surrounding the Ethereum ecosystem, then the price of the ETH Coin may fall as low as $3,827.83 by 2024.
Also Read: Ethereum (ETH): Turn $100 Investments into $7.8 Million in February 2024
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.