Ethereum has found itself amid intense market volatility after a single seller liquidated nearly $400 million worth of cryptocurrency.
Whale Activity and Price Drop
ETH has seen a noticeable downturn in the past few weeks, recently slipping below $2,500. A series of coordinated whale sell-offs, notably from dormant wallets, exacerbated the situation. One wallet, inactive since 2019, liquidated around $149 million, while another moved over $201 million in ETH.
Cryptocurrency Purchases for Stabilization
Shortly after the dip, some high-profile wallets seized the opportunity to buy ETH at low prices. The 'Seven Siblings' group purchased over 45,000 ETH around the $2,480 mark. Additionally, 1inch Investments bought 7,289 ETH and over 52 WBTC, helping to stabilize Ethereum's price.
Ethereum Market Prospects
Recent whale purchases and stabilization efforts do not guarantee future success for Ethereum. The dip below $2,500 has caused major difficulties for long-term stakes as they set their positions at higher prices.
While recent whale activity has brought some stabilization, Ethereum's future remains uncertain, with many eyes on its performance.
