Ethereum (ETH) reached its lowest point since multiple months when the cryptocurrency market showed significant falling figures. The Ethereum whale known as "7 Siblings" seized the market decline to acquire an enormous amount of ETH.
According to on-chain Lookonchain data, the whale recently purchased 5,382 ETH worth $14.5 million. This was a continuation of some much larger accumulation, with “7 Siblings” acquiring 50,429 ETH valued at $126 million within the same day. The bulk of that purchase was the accumulation of 45,047 ETH bought at an average price of $2,480 per ETH.
The 7 Siblings whale is known for accumulating ETH during market crashes. A similar pattern was observed on August 6, 2024, when the entity purchased ETH at a market bottom. Analysts speculate that this could indicate a strategic accumulation ahead of a potential market recovery.
At the time of writing, The Ethereum market shows a major decline because it now trades at $2,590.47. During the last 24 hours ETH price experienced a 16.56% price decrease and the monthly performance shows a nearly 28% decrease. The market crash of Ethereum corresponds with a widespread crypto market decline that reduced the total market cap to $312.21 billion.
The Ethereum price decrease did not stop ETH from achieving a 271.12% surge in daily trading volume which reached $86.47 billion. This suggests increased market activity, with both whales and retail investors taking advantage of the dip.
Some analysts doubt this moment but other experts view it as an essential time to make acquisitions. As per sources market analysts noted that ETH currently rests at a powerful multi-year support zone which suggests a price recovery could happen within the following weeks.
With major players like 7 Siblings accumulating ETH, traders and investors will be closely monitoring Ethereum’s next move in the market.
Also read: India's New Crypto Tax: Up To 70% Penalty On Undisclosed Gains
Avni Patel is a skilled crypto writer with a background in Journalism and Mass Communication. Combining creative writing with analytical depth, she specializes in making complex blockchain and Web3 concepts accessible to a wide audience. With nearly a year of experience, she delivers insightful articles, blogs, and news articles backed by strong SEO strategies. Dedicated to staying ahead in the fast-evolving crypto space, she continues to establish herself as a trusted voice in the industry.
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