Ethereum’s Price Plummet and Whales to the Rescue

Well, well, well! It seems like Ethereum has taken a nosedive, sinking below the $3,400 mark for the first time since, like, August or something. But let’s not panic! The big fish in the crypto ocean—aka the whales—are back at it, turning this dip into a golden buying opportunity.

Whales Diving Deep

Recent data reveals that these crypto whales have been on a shopping spree, snatching up a whopping 323,523 ETH, which is about $1.12 billion in good ol’ human money, all within a quick 48-hour binge. Talk about a shopping marathon!

Biggest Purchases

Among the whale watchers, one particularly hefty buyer snagged 257,543 ETH for around $896 million. Yep, you heard right. That’s about $3,480 per ETH! Meanwhile, another charming group of addresses, lovingly dubbed the “seven siblings” by the data gurus at Lookonchain, collectively added 37,971 ETH to their treasure chests at an average price of $3,515. Family bonding, crypto-style!

A Whale with a Checklist

Let’s not forget about this one sneaky whale who loves to swing trade ETH like it’s a game of tennis. They snagged 14,004 ETH for around $45.5 million, at an average price of $3,247, which, surprise surprise, is pretty close to where the price hit bottom. Clever, right?

New Wallets, New Moves

Two brand-new wallets decided to join the fun as well, buying up 10,000 and 4,005 ETH respectively—together they’re blowing $47 million like confetti!

Hope Ahead?

Now, while some traders might be biting their nails over Ethereum’s plunge, the big whale moves are giving a glimmer of hope for brighter days ahead. Those hefty buys below $3,400 have helped keep the price above $3,200, as that’s where the support seems to live. Keeping a sturdy base? Check!

What’s Next?

So, if Ethereum can hold its head above water at $3,200 and keep that on-chain activity buzzing, we might just see prices bobbing back up over $4,000 by the end of the month. First things first though—ETH needs to reclaim that $3,800 and strut its stuff with a strong weekly close.

Robust Performance Despite the Dip

And here’s a fun twist: even with the market throwing its tantrums, Ethereum’s network is still flexing its muscles. Recently, it broke a record with a staggering throughput of 24,192 transactions per second. That’s some serious crypto strength!