Ethereum Whales Scoop Up $66M Worth of ETH, What’s Next?

Because the cryptocurrency market continues to say no, it seems that Crypto whales are making an enormous wager on Ethereum (ETH), the second largest cryptocurrency by market cap.

Whales acquire Ethereum

The on-chain transactions will observe on October 3, 2024 spoton chain posted on X (previously Twitter) that the mysterious “7 Siblings,” with a complete internet value of $2.2 billion, are again. They bought a whopping 28,120 ETH, value $66 million, through the current value drop.

In response to the info, they spent 66 million USDC to purchase 28,120 ETH at a median value of $2,350. At the moment, market sentiment is kind of bearish and there’s a good likelihood that ETH value will drop additional within the coming days.

This is not the primary time these so-called “7 Siblings” have purchased the dip. On August 5, 2024, when the crypto market skilled a notable value drop, this entity spent over $129 million to buy 56,093 ETH at a median value of $2,305.

Ethereum (ETH) value motion and market sentiment

On the time of writing, ETH is buying and selling round $2,346 and has skilled a value drop of over 4.5% within the final 24 hours. Throughout the identical interval, buying and selling quantity fell by 21%, indicating decrease participation from merchants and retail buyers. On this bearish market sentiment, retail buyers are hesitant to amass tokens, whereas whales see this as a possibility and are accumulating closely.

Technical Outlook: Is $2,200 Subsequent?

In response to the knowledgeable technical evaluation, ETH seems to be bearish because it broke and closed a each day candle under the essential help stage of $2,400.

With this current collapse, there’s a excessive chance that ETH may simply attain the $2,200 stage within the coming days, particularly as tensions escalate within the Center East.