Ethereum experienced a 12.33% decline in the past week, trading at $3,000. Project Golem, an Ethereum ICO participant from 2016, recently transferred 36,000 ETH over the course of a month.
Despite the recent drop, Ethereum, the largest altcoin, has shown a slight recovery, with a 1.25% increase in the last 24 hours, bringing it back to $3,000. Last week, Ethereum hit a low of $2,800, causing panic in the market, especially as Bitcoin also dipped to $53.4K.
The selling pressure on Bitcoin was instigated by Mt. Gox and the German Government. On the other hand, the Ethereum-based project Golem is expected to contribute to selling pressure on ETH.
Golem, an early participant in the Ethereum ICO, has transferred over $100 million worth of Ethereum (36,000 ETH) to exchanges such as Binance, Coinbase, and Bitfinex 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, equivalent to approximately $41 million. The first trader deposited 6,440 Ethereum ($19.5 million) to Binance and made a profit of $20.6 million. The second trader, who held the tokens for around 1.5 years, deposited 7,240 ETH ($21.4 million) to Kraken, resulting in an estimated long-term profit of $12.83 million, a 149% gain.
At the time of writing, Ethereum is trading at $3,047 with a market cap of $366 billion. The daily trading volume has increased by 77.85% to $18.47 billion, according to CMC data.
Looking ahead, there is hope for a rebound in Ethereum’s price. Despite a 12.30% decline in the past week and a 17.33% decline in the last month, the daily relative strength index (RSI) indicates an oversold condition with a value of 35.85. If a bullish trend continues, the price could test its initial resistance at around $3,296. Further resistance levels may be found between $3,480 and $3,695.
However, if the bull momentum cannot be sustained, Ethereum’s price may drop to immediate support at the $2,911 level, with subsequent support at $2,866.
In other news, there is speculation on whether a particular reason can revive the BabyDoge bull run.
