ICO Era Whale Transfers 5,055 $ETH To New Address: Report

  • ETH has experienced a 0.25% increase in price in the last 24 hours.
  • However, indicators on the ETH chart point to a bearish outcome.

On-chain analysis research organization Lookonchain has just announced that an Ethereum ICO participant who has been dormant for three years transferred 5,055 $ETH, approximately $8.3M now, to a new address, just hours earlier. “He/she received 10,100 $ETH at Ethereum Genesis, the ETH ICO price is ~$0.31,” claims the analytics app.

ETH/USDT 1-hour chart (Source: TradingView)

Considering ETH’s current status, it experienced a 0.25% increase in price in the last 24 hours taking its price up to $1,642.64 at press time. This also puts its total market cap at approximately $201,020,450,522 at press time.

ETH currently follows a descending wedge pattern, but has rebounded after hitting the support at the $1,595 range. ETH is now moving within the $1,637 to $1,672 range, but if it can break this momentum and move higher, it could hit the previous resistance of $1,724. But it fails to make an impression at this level, it could further slide down to the $1,572 support.

Looking at the 1-hour chart for ETH/USDT, the price of ETH has positioned itself below the 50 and 200-day EMA lines, which is a bearish sign. The overall trend on ETH’s daily chart appears bearish as indicated by the 200-day EMA line crossing above the 50-day EMA line over the last 24-48 hours. In addition to this, the daily RSI SMA line has crossed above the daily RSI line.

In a broader sense, the global crypto market cap has spiked 1.79% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. At press time, the total crypto market cap stands at $1.11 Trillion. This comes after the top 10 altcoins doing considerably well.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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