Ethereum whales have displayed the diamond hands push, stacking the coin at a time the broader market is reeling in uncertainty
The group of investors known as the 7 Siblings made a huge Ethereum (ETH) purchase earlier today. The whale investors acquired 28,120 ETH at an average price of $2,350 each, spending $66 million. At the time of writing, Ethereum’s price was trading at $2,376.77, up by 0.36% in a single day, according to CoinMarketCap data.
Ethereum Whales: Masters of the Dip
This mysterious group has become known for swooping in when the market is down. They boast a massive portfolio worth $2.2 billion in various crypto assets. In August, these investors made headlines by spending $129 million on 56,093 Ethereum at $2,305 per token.
Their strategy is clear: buy big when prices dip and hold.
This tactic, while risky, can lead to significant profits if the market rebounds. An Ethereum ICO participant recently resurfaced after being dormant for nine years. Meanwhile, regular investors are cautiously watching from the sidelines, as they often lack the deep pockets to weather potential losses.
Despite the market decline, the seven Siblings are bullish on Ethereum because it is the backbone of many blockchain-based innovations. These include Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and smart contracts.
Traders Believe in Future Market Recovery
Currently, Ethereum’s trading volume has dipped by 21%. This suggests that most traders are sitting on the sidelines, unsure whether the market will rebound or drop further. Many predicted that Ethereum’s price could slide to $2,200, pointing out that it has broken below a crucial support level of $2,400. This comes after Ethereum broke a 19-month hiatus in new address count in early September.
Unfortunately, global tensions, particularly in the Middle East, fuel uncertainty and rattling traditional markets. The broader crypto market has also been affected, with other major altcoins, including Shiba Inu, following this downward trend.
Although general market sentiments are gloomy, some still hope the crypto markets will boom soon.
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