Ethereum Whale "7 Siblings" Buys $14.5M ETH Amid Market Dip

Ethereum whale "7 Siblings" has made a significant move in the crypto market, acquiring 5,382 ETH worth $14.5 million during a recent market dip. This purchase is part of a larger strategy by the whale, who bought a total of 50,429 ETH, equivalent to $126 million, within a single day. The whale's actions come as the crypto market experiences a downward push, with its market cap down by 7.6% to $3.12 trillion.

The Ethereum price has reached multi-month lows, with a multi-year low of support level. Despite the broader market trends, the savvy Ethereum whale has taken advantage of the current market dip, investing millions in ETH in a strategic "buy the dip" move. This strategy is not new to the whale, as the last major purchase of ETH by "7 Siblings" occurred on August 6, 2024, following a market crash.

The Ethereum price is currently lingering near its multi-month low of $2,500, and there's a possibility for "7 Siblings" to continue accumulating more ETH. Analysts like Mister Crypto state that "this is the worst time to be bearish on Ethereum," suggesting that the community is less optimistic about an imminent rebound. Coinciding with "7 Siblings'" buy-the-dip move, many Ethereum whales and ETH holders have been utilizing the market crash, evident from the 264% rise in the daily trading volume, which is currently marked at $84.96 billion.

As of press time, the Ethereum price is at a price of $2,577.76, with a notable decline of 17% over the last 24 hours. While the token experienced a plummet of 16% in a week, ETH faced a massive dip of 28% in a month. Bitcoin enthusiast Justin Bechler stated that the cryptocurrency is dying, while another prominent analyst known on X as Crypto_Twittier explained the prevailing "huge buying opportunity," as Ethereum dropped to a multi-year support level. However, the analyst confirmed that the altcoin could retest the support in the coming weeks.