As the cryptocurrency market continues to decline, it appears that Crypto whales are making a big bet on Ethereum (ETH) the second-largest cryptocurrency by market cap.
Whales Accumulate Ethereum
On October 3, 2024, the on-chain transactions trackers spotonchain made a post on X (Previously Twitter) that the mysterious “7 Siblings,” with assets totaling $2.2 billion, are back. They have purchased a massive 28,120 ETH, worth $66 million, during the recent price drop.
According to the data, they have spent 66 million USDC to buy 28,120 ETH at an average price of $2,350. Currently, the market sentiment is quite bearish and there is a high possibility that the ETH price may decline further in the coming days.
This is not the first time that these so-called “7 Siblings” have bought the dip. On August 5, 2024, when the crypto market experienced a notable price decline, this entity spent over $129 million to purchase 56,093 ETH at an average price of $2,305.
Ethereum (ETH) Price Action and Market Sentiment
At press time, ETH is trading near $2,346 and has experienced a price decline of over 4.5% in the last 24 hours. During the same period, its trading volume dropped by 21%, indicating lower participation from traders and retail investors. In this bearish market sentiment, retail investors are hesitant to acquire tokens, while whales see this as an opportunity and are heavily accumulating.
Technical Outlook, Is $2,200 Next?
According to the expert technical analysis, ETH appears bearish as it broke and closed a daily candle below the crucial support level of $2,400.
With this recent breakdown, there is a strong possibility that ETH could easily hit the $2,200 level in the coming days, especially as tensions in the Middle East escalate.
