- Ethereum traded at $3K, down by 12.33% over the past week.
- Project Golem, a 2016 Ethereum ICO participant, transferred 36,000 ETH over the past month.
Ethereum, the largest-capped altcoin, marks the slightest recovery back to $3,000 with a minute spike of 1.25% in the last 24 hours. Alongside Bitcoin’s dip to $53.4K, Ethereum bottomed at $2.8K last week, creating a panic in the market.
Mt. Gox and the German Government were among the instigators of selling pressure on Bitcoin. Meanwhile, the Ethereum-based project Golem is expected to potentially add to selling pressure on ETH.
Golem, an early Ethereum ICO participant, has transferred over $100 million worth of Ethereum (36,000 ETH) to exchanges like Binance, Coinbase, Bitfinex, and others over the past 37 days. Currently, Golem holds 231,400 ETH, valued at $705.5 million.
ETH Whales’ Play in the Last 24H
Two traders unloaded a total of 13,680 ETH, worth approximately $41 million, over the past 24 hours. The first trader, smartestmoney.eth, deposited 6,440 Ethereum ($19.5 million) to the crypto exchange Binance. As per Spot On Chain, the whale accumulated a profit of $20.6 million.
Meanwhile, the second trader, an inactive whale wallet ‘0x742..’, deposited 7,240 ETH ($21.4 million) to the Kraken exchange. This whale held these tokens for around 1.5 years, and the long-term profit was estimated at $12.83 million, reflecting a 149% gain.
At the time of writing, the asset traded at $3,047, with a market cap of $366 billion. Meanwhile, the daily trading volume recorded a 77.85% increase and stood at $18.47 billion, according to CMC data.
Will ETH Rebound to $3.5K this Week?
Over the past week, the token was down by 12.30%. Similarly, in the last month, the Ethereum price has observed a 17.33% decline. Analyzing the 24-hour ETH price chart, the daily relative strength index (RSI) stands at 35.85, indicating the asset’s oversold condition.
If a bullish trend strengthens, the price could test its initial resistance in the $3,296 range. If the uptrend persists, the next major resistance levels might be found between $3,480 and $3,695.
Conversely, if Ethereum’s price fails to maintain the bull momentum, it may drop to immediate support near the $2,911 level. The subsequent support may seemingly be found at $2,866.
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