- Ethereum whale “7 Siblings” buys 50,429 ETH ($126M), signaling confidence despite recent market volatility and price drops.
- Ethereum must stay above $2,700 to hold bullish momentum, with key resistance levels pointing toward a possible $7,000 rally.
- Breaking the descending trendline is critical for Ethereum; failure could lead to extended consolidation before the next big move.
Lookonchain reports that the whale entity known as “7 Siblings” has made Ethereum purchases. This entity bought 50,429 ETH, valued at $126 million, in a single day. A notable transaction included 5,382 ETH worth $14.5 million. Such large-scale acquisitions suggest growing confidence among institutional investors despite recent market turbulence.
Previously, “7 Siblings” made a similar move on August 6, 2024, following a market crash. After the latest downturn, they spent $111.72 million to acquire 45,047 ETH at an average price of $2,480. This suggests they are buying the dip, anticipating future price appreciation. These strategic purchases often indicate market bottoms and potential bullish sentiment.
Ethereum’s Technical Landscape
According to AliCharts, Ethereum must hold above $2,700 to maintain its bullish structure. If it does, a rally toward $7,000 remains possible. The daily chart on Binance shows Ethereum trading at $2,836.14, reflecting an 8.99% decline.
Historical price movements indicate that Ethereum formed an inverse head-and-shoulders pattern. The head aligns near $2,109.18, while the shoulders rest around $2,721.38. A breakout from this structure previously led to a rally, taking Ethereum to a peak of $4,109.99 before encountering resistance.
Moreover, Fibonacci retracement levels highlight key support areas. Ethereum’s price hovers near the 0.5 Fibonacci retracement at $2,944.27, a crucial support level. Additional levels at $3,185.41 (0.618 Fibonacci) and $2,721.38 (0.382 Fibonacci) provide further support zones.
Potential Future Movements
If Ethereum sustains above key levels, Fibonacci extensions suggest future resistance at $4,927.73 (1.272), $5,417.36 (1.414), and $6,207.15 (1.618). The highest projection targets $6,943.31 at the 1.786 Fibonacci level.
However, Ethereum must first overcome a descending trendline that has dictated its recent downtrend. Breaking above this resistance could indicate bullish momentum and further upside potential. If it fails, the market may see extended consolidation.
