Ethereum experienced a 12.33% decline in the past week, trading at $3,000. Project Golem, a participant in the 2016 Ethereum ICO, transferred 36,000 ETH over the last month.
Despite its recent drop, Ethereum, the leading altcoin, saw a slight recovery, with a 1.25% spike in the last 24 hours, bringing it back to $3,000. However, last week, Ethereum hit a low of $2,800, causing panic in the market. The selling pressure on Bitcoin from Mt. Gox and the German Government also contributed to this turbulence. Additionally, the Ethereum-based project Golem is expected to add to the selling pressure on ETH.
Golem, an early participant in the Ethereum ICO, has transferred over $100 million worth of Ethereum (36,000 ETH) to popular exchanges like Binance, Coinbase, Bitfinex, and others in the past 37 days. Currently, Golem holds 231,400 ETH, valued at $705.5 million.
In the last 24 hours, two traders unloaded a total of 13,680 ETH, worth approximately $41 million. The first trader, smartestmoney.eth, deposited 6,440 Ethereum ($19.5 million) into Binance, earning a profit of $20.6 million. The second trader, an inactive whale wallet ‘0x742..’, deposited 7,240 ETH ($21.4 million) into Kraken. This whale held these tokens for around 1.5 years, resulting in a long-term profit of $12.83 million, a gain of 149%.
As of now, Ethereum is trading at $3,047, with a market cap of $366 billion. The daily trading volume has increased by 77.85% and stands at $18.47 billion, according to CMC data.
Analysts are wondering if Ethereum can rebound to $3.5K this week. Over the past week, the token has seen a 12.30% decline, and in the last month, it has observed a 17.33% drop. The daily relative strength index (RSI) stands at 35.85, indicating that the asset is oversold.
If a bullish trend emerges, Ethereum’s price could test its initial resistance at the $3,296 range. If the uptrend continues, the next significant resistance levels might be found between $3,480 and $3,695. On the other hand, if Ethereum fails to maintain its bullish momentum, it may drop to immediate support near the $2,911 level, with subsequent support potentially found at $2,866.
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