Ethereum Whales Scoop Up $66M in ETH During Price Dip, Sentiment Remains Cautious

• Ethereum is in the spotlight amid whale investor embrace.
• Despite the market downtrend, ETH’s future price growth is attractive to wealthy investors.

Popular whale investors recently resurfaced, amassing $66 million worth of Ethereum (ETH). This whales’ transaction coincided with increased selling pressure in the market, which led to substantial declines in Ethereum’s price. At the moment, investors are showcasing cautious sentiments despite an uptrend in the market.

Whale Stacks 28,120 ETH Amid Price Dip

On Wednesday, October 2, the on-chain analytics platform Spot On Chain highlighted the huge ETH transactions made by whale investors. According to the details, the whale investors, known as “7 Siblings,” purchased 28,120 ETH at an average price of $2,350 using USDC.

The mysterious “7 Siblings” with $2.2B assets is back, quietly buying 28,120 $ETH ($66M) during the recent dip!

Notably, in the August 5 crash, this entity spent 129.3M $USDC to purchase 56,093 $ETH at an average price of $2,305.

Recently, as the #Ethereum price crashed again,… pic.twitter.com/pxS4899Ast

— Spot On Chain (@spotonchain) October 3, 2024

The transaction occurred during the recent Ethereum dip, when the coin fell 4.5% in one day. Prior to this transaction, these whale investors spent $129 million to acquire ETH during a price crash in August. The transaction saw the Ethereum whales scoop up 56,093 ETH at an average price of $2,305 per coin.

As CNF discussed earlier, “7 Siblings” have a history of buying ETH when prices drop. They first appeared in the spotlight in November 2022, narrowingly escaping a $600 million liquidation of MakerDAO. They resurfaced during a market downturn in August, making a major purchase after Ethereum plummeted to $2,600. So far, “7 Siblings” have accumulated crypto worth $2.2 billion. 

As of this writing, the ETH price is $2,381, up 1.62% in the last 24 hours. However, the trading volume decreased by 26% within the past day to $15.6 billion. This means fewer traders and regular investors are currently buying and selling ETH.

Market sentiments remain cautious, and participants are concerned about further price falls. While retail investors are afraid to buy, large investors like the “7 Siblings” are taking advantage of the situation to get more ETH.

It is important to note that this is a common strategy for individuals and institutions with lots of cash to invest in crypto. They often buy more digital currency when prices are low, anticipating a profit if the valuation rises later.

Ethereum Price Outlook and Forecasts

Technical analysts predict ETH might drop to $2,200 soon. Their forecast is hinged on Ethereum recently falling below its critical support level of $2,400. Additionally, ongoing tension in the Middle East has dampened the market’s positive outlook, impacting Ethereum’s future price movement.

Global events like this typically affect all kinds of investments, including cryptocurrencies. Reactions from both retail and institutional Ethereum investors will determine whether the coin will rise or fall. 

However, the latest ETH purchase from “7 Siblings” is exciting news for the community. It demonstrates that some wealthy investors continue to believe in Ethereum’s value. Their purchase also emphasizes Ethereum’s key role in the blockchain ecosystem and its potential for future growth.

As more developers continue to use Ethereum for smart contracts and deploy decentralized applications, the coin may see more bullish growth soon.