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<p class="is-style-lead">Ethereum price bounced back on Tuesday, Aug. 6 after forming a big hammer candlestick pattern and as some investors, including ‘7 Siblings,’ bought the dip.</p> 
<p>Ether (<a href="https://crypto.news/price/bitcoin/">ETH</a>) was trading at $2,445, up by over 15% from its lowest point this week. This price action was in sync with that of Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>), Cardano (<a href="https://crypto.news/price/cardano/">ADA</a>), and Bittensor (TAO).&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/bittensor-surges-41-as-ai-project-bitmind-unveils-deepfake-detection-system/"> Bittensor surges 41% as AI project Bitmind unveils deepfake detection system </a> </p> 
<h2 class="wp-block-heading" id="ethereum-whales-are-buying">Ethereum whales are buying</h2> 
<p>There are signs that some big investors bought the dip on <a href="https://crypto.news/crypto-black-monday-why-is-crypto-crashing-right-now/">Black Monday</a> , hoping that the token will bounce back. One of the buyers was an entity known as ‘7 Siblings,’ which has over $1.57 billion in assets. 7 Siblings bought 56,093 ETH tokens worth over $129 million.</p> 
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   <p lang="en" dir="ltr">While you guys were panic selling due to the market crash, the entity"7 Siblings" with $1.57B assets quietly bought 56,093 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a>($129M) at the bottom!<br><br>7 Siblings started buying when the price dropped to $2,600 and continued until the price dropped to $2,191, a total of 12 hours… <a href="https://t.co/t5fsVu28gH" target="_blank" rel="">pic.twitter.com/t5fsVu28gH</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1820773290971136155?ref_src=twsrc%5Etfw" target="_blank" rel="">August 6, 2024</a>
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<p>There are also signs that Exchange Traded Funds investors bought the dip. According to <a href="https://www.bloomberg.com/news/articles/2024-08-06/bitcoin-btc-claws-back-from-steep-losses-as-crypto-traders-buy-dip?srnd=phx-crypto" target="_blank" rel="">Bloomberg</a>, these investors bought assets worth $49 million, in a sign of increased investor optimism.&nbsp;</p> 
<p>Still, the crypto industry is being cautious, with some big holders selling their tokens. Jump Trading, a prominent player in the industry, <a href="https://etherscan.io/address/0x4f1a5a5d258522254933a6da9648c57fe230d17e#tokentxns" target="_blank" rel="">has sold</a> Ether tokens worth over $609 million in the past few weeks. Another big holder known as Longling Capital <a href="https://x.com/lookonchain/status/1820645376132886549" target="_blank" rel="">moved 20,000 coins</a> after being dormant for almost 2 years.</p> 
<p>Ethereum’s recovery faces additional risks. For one, not every analyst believes that the Federal Reserve should cut interest rates in September. In a CNBC interview, Komal Sri-Kumar, founder of Sri Kumar Global Strategies, said that the Fed should wait for inflation to fall before cutting interest rates.&nbsp;</p> 
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<p>Still, he seems to be in the minority as the CME <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="">Fedwatch tool</a> has a 76.5% probability of a 50bps rate cut in September followed by another one in November and December.</p> 
<p>Another positive for Ethereum is that its staking yield has risen by 6.3% in the past 24 hours to 9.46%. This rebound happened as the staking <a href="https://www.stakingrewards.com/asset/ethereum-2-0" target="_blank" rel="">market cap dropped</a> by 26% to $81.95 billion.&nbsp;</p> 
<h2 class="wp-block-heading" id="ethereum-price-has-some-technical-risks">Ethereum price has some technical risks</h2> 
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  Ethereum price | Chart by <a href="https://www.tradingview.com/symbols/ETHUSD/?exchange=COINBASE" target="_blank" rel="">TradingView</a>
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<p>The other potential risk for Ether is technical. On the daily chart, the coin formed a triple-top pattern whose neckline was at $2,810. It has now dropped below this neckline, meaning that bears have prevailed.</p> 
<p>Ether is also about to form a death cross as the 50-day and 200-day Simple Moving Average are about to make a bearish crossover. Also, as <a href="https://crypto.news/bitcoin-chart-showing-mixed-signals-following-crypto-black-monday/" target="_blank" rel="noreferrer noopener">was previously noted about Bitcoin</a>, any rebound after a sell-off could prove to be a dead cat bounce.</p> 
<p> You might also like: <a href="https://crypto.news/spot-ethereum-etfs-see-48m-in-inflows-crypto-market-rebounds/"> Spot Ethereum ETFs see $48m in inflows, crypto market rebounds </a> </p>

Ethereum price nears death cross as ‘7 Siblings’ buys the dip

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