Whale Investors Resurface, Amassing $66M Worth of Ethereum (ETH) Amid Price Dip

Popular whale investors recently resurfaced, amassing $66 million worth of Ethereum (ETH). This whales’ transaction coincided with increased selling

Whale investors have resurfaced once again, amassing a substantial amount of Ethereum (ETH) amid a recent price dip. According to on-chain analytics platform Spot On Chain, the whale investors, known as “7 Siblings,” purchased 28,120 ETH at an average price of $2,350 using USDC.

The transaction, highlighted on Wednesday, October 2, comes as part of a broader strategy by the whale investors to buy ETH at lower prices. The mysterious entity, which boasts an impressive $2.2 billion in assets, was previously spotted making a large purchase during a price crash in August.

At the time, “7 Siblings” spent $129.3 million to acquire 56,093 ETH at an average price of $2,305 per coin. The purchase was made as Ethereum crashed by 4.5% in a single day.

The recent transaction occurred during a slight dip in ETH prices, with the coin dropping by 1.62% over the past 24 hours. At the moment, ETH is trading at $2,381, with a trading volume that decreased by 26% to $15.6 billion in the past day.

This indicates that fewer traders and regular investors are currently buying and selling ETH, which is impacting the coin's price movements.

According to CNF, “7 Siblings” first entered the scene in November 2022 when they narrowly escaped a $600 million liquidation of MakerDAO. They reappeared during a market downturn in August with a major purchase after Ethereum crashed to $2,600.

The massive purchase by the whale investors is significant news for the Ethereum community, especially considering the recent price struggles and concerns among investors. The move by “7 Siblings” suggests that some large investors still have faith in ETH, despite the challenges.

It is also worth noting that the purchase is in line with a common strategy used by individuals and institutions with ample cash to invest in crypto. They often purchase more digital currency when prices are low, anticipating a profit if the valuation increases in the future.

Technical analysts are predicting that ETH might drop to $2,200 soon. The prediction is based on the recent occurrence of Ethereum falling below its critical support level at $2,400.

Furthermore, ongoing tension in the Middle East has hindered the market's positive outlook, impacting Ethereum's future price movement. Such global events tend to affect all types of investments, including cryptocurrencies.

The response from both retail and institutional Ethereum investors will ultimately determine whether the coin will rise or fall. However, the latest ETH purchase is certainly a positive sign for the community.

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