Ethereum [ETH] has seen a lot of activity in its network throughout the decline of the cryptocurrency market. Ethereum’s price surged by over 3%, reaching a daily peak of $2,547. At press time, ETH was trading at $2,533, Ethereum has also benefited from the overall market trend. The altcoin’s market value has returned to $300 billion, with the cryptocurrency trading at $2,500 and higher. Despite the market’s recovery, investors continued to purchase spot ether exchange-traded funds [ETFs] as they saw inflows of $48.8 million.
Amidst this, blockchain analytics company Lookonchain revealed that a group known as “7 Siblings” took advantage of the recent drop to purchase a large amount of ETH tokens at this time. According to Lookonchain data, the entity secretly bought 56,093 ETH at a cost of $129.3 million at the time. According to blockchain data, 7 Siblings began accumulating Ethereum yesterday at a price of about $2,600 and kept buying until the price dropped to $2,191. $2,305 was the average cost to purchase the 56,093 ETH.
The accumulating frenzy lasted for 12 hours. The wallet used many platforms, such as Uniswap and 1inch, to convert $129.3 million worth of USD Coin [USDC] to ETH.
Also Read: Ethereum: When Can ETH Reclaim Its Peak of $4878?
Will Bears Let Bulls Into The Ethereum Network?
As the bulls and bears battle it out, it looks like the latter will come out victorious. The Ethereum network was heavily impacted by the recent downfall. Changelly revealed that ETH will dip down to a low of $2,470. This records a 2.8% drop from its current price level. This would push the altcoin further away from its all-time high of $4,891. ETH is nearly 50% below its all-time high.
Also Read: Ethereum ETFs Get Positive August Start Despite Grayscale’s $2B in Outflows