As the cryptocurrency market continues to face a decline, there is a noticeable trend of Crypto whales showing a strong interest in Ethereum (ETH), the second-largest cryptocurrency by market cap.
Whales Accumulate Ethereum
Recent data from on-chain transactions trackers spotonchain revealed that the mysterious group known as the “7 Siblings” has reappeared in the market. With a total asset value of $2.2 billion, they have made a significant purchase of 28,120 ETH, amounting to $66 million, during a recent price drop.
The 7 Siblings reportedly spent 66 million USDC to acquire the 28,120 ETH at an average price of $2,350. Despite the bearish market sentiment, these whales seem confident in their investment decisions and are actively accumulating Ethereum.
This is not the first time the 7 Siblings have taken advantage of price dips to increase their ETH holdings. Back in August 2024, during another market downturn, they invested over $129 million to acquire 56,093 ETH at an average price of $2,305.
Ethereum (ETH) Price Action and Market Sentiment
At present, Ethereum is trading around $2,346, marking a decline of over 4.5% in the last 24 hours. The trading volume has also decreased by 21%, indicating a lack of participation from traders and retail investors. While retail investors remain cautious in acquiring tokens in the current bearish market, whales like the 7 Siblings see this as an opportunity to accumulate more.
Technical Outlook, Is $2,200 Next?
From a technical analysis perspective, Ethereum appears to be bearish as it recently broke and closed a daily candle below the critical support level of $2,400. The charts suggest that there is a strong possibility for ETH to hit the $2,200 level in the near future, especially amidst escalating tensions in the Middle East.
In conclusion, the recent actions of Crypto whales like the 7 Siblings indicate a bullish outlook for Ethereum despite the overall market downturn. As they continue to accumulate ETH during price drops, it will be interesting to see how this strategy plays out in the coming days.