Ethereum Wales earns $66 million amid ETH price drop
TLDR
Ethereum whales “7 sisters” bought 28,120 ETH, worth $66 million, down 4.5% in 24 hours, to $2,346. Trading volume decreased by 21%, indicating low investor participation. Technical analysis suggests that ETH may soon reach $2,200 in the middle. Eastern tensions can affect the cryptocurrency markets.
The largest Ethereum investors known as the “7 Sisters” bought $66 million worth of ETH on October 3, 2024. They bought 28,120 ETH using USDC for an average of $2,350. This happened when the price of Ethereum dropped by 4.5% in one day.
The “7 siblings” are mysterious investors who own $2.2 billion in crypto assets. They have a history of buying ETH when the price drops. In the year They spent $129 million on 56,093 ETH in August 2024 at $2,305 each.
At the time of writing, ETH is trading at $2,346. Trading volume dropped by 21 percent on the last day. This means that fewer traders and regular investors are now buying and selling ETH.
The overall sentiment in the crypto market is negative. Many expect the price of ETH to go down. While regular investors are reluctant to buy, big investors like the “7 Sisters” see this as an opportunity to get more ETH at a lower price.
Technical analysts who study the price charts think that ETH may drop to $2,200 soon. This is because the price of ETH has fallen below the important level of $2,400. Ongoing tensions in the Middle East may also affect crypto prices.
This is not the first time that large investors have bought a lot of ETH when the price drops. Investing is a common strategy for those with a lot of money. They usually buy more when the price is low, hoping to make a profit if the price rises later.
“7 sisters” buying a lot of ETH is exciting news for the crypto world. It shows that some wealthy investors still believe in the value of Ethereum despite its declining value. However, it is important to remember that the crypto market can be very unpredictable.
The mysterious “7 Siblings” with $2.2B in assets are back, quietly buying 28,120 $ETH ($66M) during a recent dip!
Specifically, during the crash on August 5, this entity spent $129.3 million to buy 56,093 $ETH at an average price of $2,305.
Recently, when the price of #Ethereum crashed again,… pic.twitter.com/pxS4899Ast
— Spot On Chain (@spotonchain) October 3, 2024
Ethereum is the second largest cryptocurrency after Bitcoin. It is not only a digital currency but also a platform for building other crypto projects. This makes the price movement important to the entire crypto industry.
The recent price drop has impacted more than just Ethereum. Many other cryptocurrencies have also seen their values decrease. This often happens in the crypto market – when the value of one major currency changes, others tend to follow.
Although some large investors are buying, regular traders seem to be more cautious now. The drop in transaction volume shows that fewer people than usual are buying and selling ETH. This means that people are waiting to see what happens next before taking action.
The situation in the Middle East deserves attention. Such global events can affect all types of investments, including cryptocurrencies. Investors often react to world news, which can cause prices to rise or fall quickly.
