During the recent market downturn, an Ethereum whale named ‘7 Siblings’ purchased 5,382 Ethereum units worth $14.5 million. This purchase occurred as the total market value of digital currencies dropped by 7.6% daily to $3.11 trillion. The price of Ethereum and other top altcoins has decreased due to the market’s downward trend, but this Ethereum whale took advantage of this price dip and made a significant investment. According to Lookonchain platform data, following the recent purchase, the number of ETH accumulated by this whale reached 50,429 units in a day. It’s worth mentioning that this whale’s previous major purchase was made on August 6, 2024, after a significant market crash, indicating the whale’s strategy of ‘buying the dip.’ Interestingly, this recent purchase happened right after another whale achieved significant profits through leveraged short-selling. Currently, Ethereum’s price is near its multi-month low at $2,500, and it is likely that this whale will continue its buying spree. Some analysts, including Mister Crypto, believe this is the worst time to be bearish on Ethereum. However, the crypto community is not optimistic about a quick price recovery. Nevertheless, Ethereum’s daily trading volume has surged by 264% to $84.96 billion. At the time of writing this news, Ethereum’s price was $2,577.76, showing a 17% decrease in the past 24 hours. This digital currency has experienced a 16% drop in the past week and a 28% drop in the last month. Some analysts see this drop as a good buying opportunity, but there is a possibility of retesting support levels in the coming weeks. You can track the live prices of all tokens and cryptocurrencies on the momentary price page of digital currencies.
