Ethereum Whales Take ETH Value $66M, What’s Next?
As the cryptocurrency market continues to tumble, crypto-wells seem to be betting big on Ethereum (ETH), the second largest by market capitalization.
Whales collect Ethereum
In the year On October 3, 2024, on-chain transaction regulators revealed that the mysterious “7 siblings” posted on X (formerly Twitter) of SPOONCHAIN, with a total of $2.2 billion in assets, have returned. They bought a whopping 28,120 ETH worth $66 million during the recent price drop.
According to the data, they spent $66 million to buy 28,120 ETH at an average price of $2,350. Currently, the market sentiment is very weak and there is a high possibility that the price of ETH may decrease further in the coming days.
This is not the first time these “7 Sisters” have bought a dip. In the year On August 5, 2024, when the crypto market experienced a significant price drop, 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 the time of press release, ETH is trading near $2,346 and has lost more than 4.5% in the last 24 hours. During the same period, the trading volume decreased by 21 percent, indicating low participation of traders and retail investors. With this depressed market sentiment, retail investors are scrambling to get tokens, while whales are seeing this as an opportunity and are accumulating heavily.
Technically speaking, is $2,200 next?
According to expert technical analysis, ETH looks bearish when the daily candle breaks and closes below the critical support level of $2,400.
With this recent crash, there is a strong possibility that ETH could easily hit the $2,200 level in the coming days, especially as tensions rise in the Middle East.
