7 Siblings Buys 12,070 ETH, Betting on Recovery
Key Takeaways
A major Ethereum investor recently acquired 12,070 ETH for 28.75 million DAI. This purchase occurred during a market downturn, indicating long-term confidence in Ethereum. Technical analysis suggests that Ethereum is currently oversold, which could present a buying opportunity.
Large Investor Bets on Ethereum
The wallet group “7 Siblings” has once again purchased a significant amount of Ethereum. They acquired 12,070 ETH at a price of approximately $2,382 per unit. This investment took place during a market decline, demonstrating that these investors continue to believe in Ethereum’s long-term potential.
Strategic Buying Behavior
The “7 Siblings” are known for buying Ethereum during significant price drops. Their total holdings amount to approximately 1.15 million ETH, spread across just two wallets. This represents a total value of around $2.8 billion. Their repeated buying behavior suggests that they are strategically positioning themselves for long-term value appreciation.
Market Reactions and Public Statements
Eric Trump, son of former U.S. President Donald Trump, commented on the platform X with the statement “₿uy the dips!!!”. Such public remarks can influence market behavior, especially when they coincide with large investments like those made by the “7 Siblings.”
Technical Analysis: Buying Opportunity?
According to the Relative Strength Index (RSI), Ethereum is currently in an oversold range. The RSI recently dropped below 30, indicating that selling pressure may be easing. Historically, such situations have often led to price recoveries. Ethereum has already rebounded by 6% following the recent decline and is approaching a key support zone at $2,480. If this level holds, it could signal a trend reversal.
Risks and Possible Scenarios
If the support at $2,480 does not hold, Ethereum could continue to decline and potentially drop below $2,000. In this case, a prolonged downtrend could be expected. However, if large investors maintain their confidence and market sentiment improves, Ethereum could once again test higher resistance levels.
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Our Assessment
The renewed large-scale investment in Ethereum indicates that some market participants continue to believe in the cryptocurrency’s long-term potential. Technical indicators suggest a possible recovery, but the risk of further price declines remains. Those considering an entry should closely monitor market movements and implement risk management strategies.
| Symbol | ETH |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2,339.90 |
| 24h % | -5.53 % |
| 7d % | -14.59 % |
| 30d % | -27.14 % |
| 60d % | -30.83 % |
| 1y % | -27.22 % |
| Market Cap | $282,072,933,422.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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