Hodler's victory! He bought Ethercoin at 'this point' and it has risen more than 800 times in 8 years

Ether in the United States presidential election day rose from $2,422.60 by 12.36% to $2,721.87; this morning continued to rise to $2,920, with a nearly 20% increase in three days. The recovery to $2,900 not only boosted the emotions of retail investors, but also benefited long-term Hodlers. Lookonchain data shows that an Ether Whale holding 11,000 Ethercoins has reaped huge returns since 2016.

WhaleEther currency actually bought at this point!

In February 2016, a Whale purchased 11,005 Ethercoin through the Cryptocurrency exchange ShapeShift at a price range of $2.10 to $6.60, with an average cost of $3.46, worth about $38,000 at the time. After eight years of dormancy, the Whale finally transferred these Ethercoin yesterday (11/7) at a price of $2,777, resulting in a potential profit of $30.5 million, with a return rate of over 800 times. However, if the Whale decides to cash out at the peak of the bull market in 2021 at $4,800, they will receive a profit of over $52.8 million.

Source: X/@lookonchain Whale transfers a large amount of Ethercoin with a profit of 800 times

The exchange's coin balance has skyrocketed.

The cashing out of Whales and institutions often accompanies the net inflow of exchanges, which may further trigger a sell-off. CryptoQunat pointed out that in the past 7 days, the inventory of Ethercoin on exchanges has surged from 18.8 million Ethercoins on October 31 to 19.2 million Ethercoins yesterday.

Image source: CryptoQuant exchange coin reserves

Nevertheless, the Ethercoin price has not been diluted due to the rise in supply in the past three days, which may be attributed to the fact that the Ethercoin exchange balance is still at a low level in the long cycle, so the increase or decrease in short-term selling pressure does not have a significant impact.

Can Ether's price break through $4,000?

Partial profit-taking and an increase in exchange balances seem to indicate short-term Unfavourable Information, but the optimistic sentiment of Donald Trump's victory, as well as the flow of EthercoinSpot ETF, suggest an increasing possibility of coin price breakthrough.

Analyst cryptojack tweeted yesterday that Ethercoin is about to see a breakout. According to the trend chart he shared, Ethercoin has formed a rising wedge pattern since September, and once a breakthrough occurs, it will continue to rise to the $4,000 mark.

Image source: X/@cryptojack Ethercoin trend forms a rising wedge

Meanwhile, analyst Moon_Whales_ also observed a similar situation and pointed out that Ethercoin is in the breakout area of the rising triangle convergence, and it is necessary to closely follow the Trading Volume in the following days.

Image Source: X/@Moon_Whales_ Ethercoin may experience a breakthrough

[Disclaimer] The market is risky, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views or conclusions in this article are suitable for their specific situation. Invest at your own risk.