One of the biggest Ethereum whales, “7 Siblings,” has piqued market interest yet again. It has been reported by on-chain tracker Lookonchain that the whale invested $42.2 million purchasing 24,817 ETH at $1,700.
This entity has invested a total of $229.7 million in Ethereum since Feb. 3, accumulating 103,543 ETH at a mean cost of $2,219. The market value at present has left the whale down by $64 million.
“7 Siblings” currently controls 1.21 million ETH in two wallets. The holdings are worth $1.93 billion. The pressure grows as Ethereum’s price dips below $1,500. One of the positions of the whale teeters on the edge of liquidation.
The whale can avoid liquidation by adding collateral or paying back its loan. Otherwise, 53,074 ETH worth about $77 million will become liquidated. The time limit is close at hand, liquidation may be as soon as in the next hour.
The imminent liquidation has triggered rapid responses from other large investors. Another whale with 220,000 ETH on Maker took rapid measures to mitigate risk. This investor paid back 3.52 million DAI and added 10,000 ETH, reducing their liquidation level to $1,119.30. If ETH falls to this value, the whole $340 million position could get lost.
Whale goes long on Ethereum with high Leverage
Concurrently, we saw a turn in Ethereum’s technical market outlook. Even a steep 21.66% decline in the previous 24 hours, pulling ETH down to $1,537.50 before a small rally to $1,599.15, has some speculating that a turnaround is imminent. The selling pressure is starting to subside. Trends in volume indicate the momentum of the sellers is waning.
ETH has experienced persistent selling since the beginning of February. The value has gone down from $4,000 to less than $1,800. Nonetheless, statistics indicate higher lows in sell volume, which indicates a potential bullish divergence. The market may be reversed if taker buyers intervene.
While risks are ever-present, however, some believe Ethereum could be at its bottom. For the moment, however, everyone’s eyes are on the whales and on what their subsequent movements could mean.
As another step, a whale invested 4.52 million USDC into Hyperliquid. The whale initiated a long position on ETH at $1,459 with 20x leverage. The position is currently 47,253 ETH, which is worth $69.5 million. The liquidation level of this high-risk wager is $1,391.70.
