Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
After failing to hold its position above significant moving averages, Ethereum's price action fell sharply toward the $2,400 region, putting it under intense selling pressure once more. Because of the general weakness of the cryptocurrency market, which has traders on edge as volatility spikes across major assets, ETH has passed through several technical supports.
Whales are buying
Recent on-chain tracking indicates that 7 Siblings, a well-known whale entity group, has been actively purchasing Ethereum during this latest sell-off. Transaction data shows that the group intentionally engaged in dip-buying as market panic spread, spending roughly $31 million over the past 10 hours alone to buy 12,771 ETH at an average price near $2,427.
This behavior shows a recurring pattern: whenever Ethereum experiences notable declines due to liquidation, this whale group tends to accumulate sizable sums, their strategy appears to be focused on absorbing liquidity during fear-driven sell-offs, often placing themselves ahead of eventual recoveries rather than chasing rallies.
Out in the open
In technical terms, Ethereum recently broke below a consolidation range that had been in place for most of January, triggering stops and accelerating the decline. Short-term bearish control is established now that the price is below the 50 and 100 EMAs, however, the $2,400-$2,350 range, where demand has regularly surfaced during prior corrections, is a historically significant support.
Additionally, the volume during the most recent decline has increased, indicating circumstances akin to capitulation, these spikes often signal the end of a sell-off, especially when paired with clear whale accumulation. This combination suggests that although volatility may continue, downward momentum may be nearing exhaustion.
There is still a need for caution. If the market as a whole keeps declining and Ethereum clearly loses the $2,400 mark, its price may fall toward the next support level, which is near $2,200, however, stabilization and eventually a recovery bounce could result from a successful defense of this region, especially if whale accumulation persists.
Right now the most important question is whether large buyers like 7 Siblings are signaling a long-term bottom or are just positioning early.
Arman Shirinyan
Gamza Khanzadaev
Tomiwabold Olajide
Alex Dovbnya