On Feb. 3, Ethereum (ETH) ‘s price stood at $2,600 despite a drop of $502.21 (-16.19 %) from its previous trading value.
Since September 2024, Ethereum has recorded higher network activity according to its on-chain metrics, which show rising adjusted on-chain volume. The increased transaction fee usage has slowed down ETH supply growth.
During the last 24 hours starting Feb. 3, the cryptocurrency market lost 10% of its total market value, reaching $3.2 trillion. ETH lost its lead position in altcoin markets when Bitcoin’s price broke below the $96,000 target and approached $91,000 support. The cryptocurrency markets dropped more than 15% of Ethereum during this time. Its value reached $2,117 before recovering to $2,600 as of press time.
The market turbulence caused investors to cash out their crypto positions, eliminating $2.2 billion from leverage bets. Ethereum showed the biggest trading activity for all market exits, generating $609 million in liquidations and $479 million from investors holding long positions.
Ethereum Whale “7 Siblings” Accumulates Over 50,000 ETH Amid Market Turbulence
During the market’s fall, one Ethereum whale called 7 Siblings bought a significant amount of ETH. Lookonchain reports that this entity received 5,382 ETH, a market value of $14.5 million.
Another wallet of “7 Siblings” bought 5,382 $ETH($14.5M).
7 Siblings bought a total of 50,429 $ETH($126M) today.
The last time 7 Siblings bought a large amount of $ETH at the bottom was on Aug 6, 2024, when the market crashed.https://t.co/BSIe7tIJUy pic.twitter.com/dC3ej4vSQA
— Lookonchain (@lookonchain) February 3, 2025
One day, the whale bought 50,429 ETH, valued at $126 million. Lookonchain records that 7 Siblings acquired 45,047 ETH at $2,480 per coin, valued at $111.72 million today.
The data shows this whale invested for the first time since August 6, 2024, when Ethereum prices fell to their lowest point aftermarket failure. Researchers believe 7 Siblings plan to buy more ETH because of their past market trend of purchasing during dips.
Ethereum Price Analysis: Can ETH Hold Above $2,700?
Ethereum continues to show signs of recovery, though analysts analyze that higher whale purchases could lead the way. The general market condition continues to remain unclear.
Crypto analyst Mister Crypto believes this presents the worst opportunity for ETH bearish investors because a market recovery remains possible. According to crypto journalist Ali Martinez, Ethereum requires support above $2,700 to maintain interest and possible growth towards $7,000.
People in the crypto market watch Ethereum’s price closely because volatility will likely happen in the next few days.
The market indicators show that ETH will likely decline in price shortly. The asset has shown signs of approaching overselling since its Relative Strength Index reached 35.3. The Moving Average Convergence Divergence (MACD) indicator produces a value of -82.08, showing a downward trend. ETH shows a weak direction according to its ADX metric, which displays a reading of 23.88.
According to the moving average analysis, the price trend shows a bear market. The 10-day Exponential Moving Average and 50-day Simple Moving Average remain above the current price at $3,151.46 and $3,372.67, respectively, suggesting potential barriers for investors.
The Ethereum market recorded highs near $3,108.64 and touched bottom at $2,331.05. The market requires close attention to $2,750 as this important support point protects the current price movement within its upward parallel channel.
The level of $2,341 protects the market from a further dip after last week’s crash. Ethereum must hold the $2,000 area to prevent future market decreases in trading prices. A rise above $3,000 in Ethereum prices would show a positive trend, and resistance areas exist at $3,057, $3,132, and beyond. Investors must watch market changes as they make their trading choices.
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