The price of Ethereum (ETH) has faced intense bearish pressure, falling sharply below the psychological $3,000 level and losing nearly 20% of its value in the past week. As of the latest data, ETH is trading around $2,410, reflecting a more than 10% decline in 24 hours. This drop has pushed the asset below several key technical supports, including the 50 and 100 Exponential Moving Averages (EMAs), and broken a consolidation range that had been in place for most of January.
Amidst this sell-off, on-chain tracking has revealed significant accumulation by a known whale entity group called "7 Siblings." Transaction data shows the group has been actively purchasing Ethereum, spending roughly $31 million over the past 10 hours to buy 12,771 ETH at an average price near $2,427. This behavior follows a recurring pattern where the group accumulates sizable sums during fear-driven market declines, positioning itself ahead of potential recoveries.
From a technical and on-chain perspective, analysts are watching key support levels. Crypto analyst Ali Martinez, citing Glassnode's UTXO Realized Price Distribution (URPD) metric, identified $2,623, $2,475, and $1,881 as crucial on-chain support zones. The URPD metric pinpoints levels where many investors purchased their coins, which can act as support due to potential increased buying activity. ETH has already broken below the $2,623 and $2,475 levels, with its current price hovering near the latter. A sustained break below $2,400-$2,350 could see the price target the next major support near $2,200, with a deeper fall to $1,881 representing a potential 25% decline from current levels.
The increased volume during the decline suggests capitulation-like conditions, which, when paired with clear whale accumulation, can signal that downward momentum may be nearing exhaustion. However, caution remains as overall market weakness persists. The central question is whether large-scale accumulation by entities like the 7 Siblings is signaling a long-term bottom or merely an early strategic position.
