A swing trading whale made a staggering $2.4 million profit during the Ethereum (ETH) price recovery tonight, according to Onchain data.
He used large scale trading to profit from ETH price movement in one day.
The whale started the transaction early in the morning and used 82.34 million USDT to buy 25,204.6 ETH at $3,322 per token. Later in the evening, as ETH prices rose, the whale sold the entire position at $3,417 per ETH, receiving 86.12 million USDT in return. This quick transaction generated a profit of $2.4 million in a few hours.
This latest trade added to the whale's impressive history in 2024, including a cumulative profit of $7.77 million over 23 trades. Amazingly, the trader only suffered a loss on 4 of these trades and made a profit on the remaining 19 trades, achieving a success rate of over 82%.
Swing trading is a strategy that involves capturing short to medium term price movements in financial markets. Unlike day trading, which focuses on intraday movements, swing trading positions can be held for several days to weeks, depending on market conditions.
Traders aim to take advantage of price “swings” by entering positions at low levels (buying) and exiting positions at high levels (selling). The strategy requires a combination of technical analysis, market timing, and risk management.
* This is not investment advice.
