Ethereum Whale Capitalizes on Price Drop, Increases Holdings by 50%

• Ether has dropped by more than 4% in the past 24 hours and is trading at $2,300. 
• In four transactions, a whale increased its ETH holding from 3,586 ETH to 5,515.
• ETH price action is bearish with RSI suggesting increase in selling pressure.

Ether (ETH) dropped to $2,300 amid a broader crypto market downturn, but one whale seized the opportunity to buy approximately 1,900 ETH. This whale is known for a trading strategy that involves selling high and buying low.

According to a post on social media platform X (formerly Twitter), the whale used the trading strategy of buying low and selling how to increase its holding from 3,586 ETH to 5,515 ETH, a surge of 50% in holdings. 

It is important to note that the whale has been quite active in its operations and on May 21, sold 3,586 ETH at an average price of $3,667 for $13.15 million. These funds were then used to purchase 5,236 ETH at an average price of $2,512 on September 2nd. 

In yet another pair of transactions, the whale sold 4,818 ETH at an average price of 2,514 for $12.11 million and then bought 5,093 ETH for $2,378 with $12.11 million.

The price of ETH at the time of writing stands at $2,399.28, down by more than 4% in the past 24 hours with a market capitalization of $288.5 billion and a 40.70% rise in trading volume.

In the past seven days, ETH has dropped 2.98% while in the past 30 days, it has experienced a slight surge of $3.33. Since September 2023, ETH has risen an impressive 46.24%, but it remains 50.98% below its all-time high of $4,891.70, reached on November 16, 2021.

As per the chart provided by TradingView, the ETH price action is currently in the hands of the bears as the value of the Relative Strength Indicator (RSI) is at 37.23. The downward slope of the RSI line further suggests the possibility of further price declines.