The cryptocurrency Ethereum experienced a significant decrease in value, dropping by 12.33% over the past week, trading at $3,000. Project Golem, an early participant in the 2016 Ethereum Initial Coin Offering (ICO), has transferred 36,000 ETH in the last month. Ethereum, considered one of the largest altcoins, has seen a slight recovery, edging back to $3,000 with a minor increase of 1.25% within the previous 24 hours. Last week, amidst Bitcoin's decline to $53.4K, Ethereum hit a low of $2.8K, causing anxiety within the market.
Various factors have contributed to the selling pressure on Bitcoin, including Mt. Gox and actions by the German Government. Furthermore, the Ethereum-backed project, Golem, is anticipated to amplify the selling pressure on ETH. Golem, as an early participant in Ethereum's ICO, has initiated transfers of over $100 million worth of Ethereum (equivalent to 36,000 ETH) to platforms like Binance, Coinbase, and Bitfinex in the last 37 days. Currently, Golem holds 231,400 ETH valued at $705.5 million.
In the past 24 hours, two large Ethereum holders, known as whales, have collectively unloaded 13,680 ETH, valued at around $41 million. One trader, smartestmoney.eth, deposited 6,440 Ethereum ($19.5 million) on Binance, generating a profit of $20.6 million based on Spot On Chain analysis. The second trader, an inactive whale with the wallet address 0x742, transferred 7,240 ETH ($21.4 million) to Kraken, holding these assets for approximately 1.5 years and realizing a long-term profit estimated at $12.83 million, representing a gain of 149%.
At present, Ethereum is trading at $3,047 with a market cap of $366 billion. The daily trading volume has surged by 77.85%, reaching $18.47 billion according to CMC data.
Analyzing the recent price trends, Ethereum has a market cap of $366 billion and is trading at $3,047. If a bullish trend continues, the price may encounter resistance levels at $3,296, followed by $3,480 to $3,695. Conversely, if Ethereum fails to sustain its bullish run, it could drop to support levels at $2,911 and $2,866.
