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.
