An Ethereum “whale” has come back to life after over two years of inactivity. The major investor, identified as one of the early participants in Ethereum’s initial coin offering (ICO), has invested 4,032 ETH, equivalent to approximately $7.4 million, according to data from Lookonchain. Here are the details…
Ethereum whale takes action
An Ethereum investor who has been dormant for over two years has resurfaced with a staggering $7.4 million stake in the cryptocurrency. This big bet, made just hours ago, marks the whale’s first activity in 2.4 years, sparking considerable excitement and speculation in the crypto community. The whale, whose address was shared on Lookonchain’s Twitter page, was part of the genesis of Ethereum, that is, the initial stage of the network, where the Ethereum ICO took place. During the ICO, this investor received an astonishing 60,000 ETH. Ethereum’s genesis event was a public crowdsale that took place in July and August 2014, where investors bought ETH in exchange for Bitcoin.
At the time of the tweet, the whale’s Ethereum balance was 6,751 ETH. This was worth about $12.2 million based on the current value of Ethereum. The last transaction of the whale was recorded about six hours ago, which is the same transaction that staked 4,032 ETH. Only time will tell if this activity is indicative of a larger trend among Ethereum ICO participants or a bad event.
What’s next for ETH?
So, what to expect for ETH price in the meantime? Ethereum price started a decent upward move from the $1,780 support zone, according to analyst Aayush Jindal. ETH climbed above the $1,800 and $1,820 resistance levels, similar to Bitcoin. The price even rallied towards the $1,840 resistance where the bears emerged. A high was formed near $1,835 and the price is currently consolidating gains. ETH is currently trading above $1,800 and the 100 hourly Simple Moving Average.
Besides, it is consolidating near the 23.6 percent Fib retracement level of the upward move from the $1,782 swing low to $1,834 swing low. The immediate resistance is near the $1,830 level. There is also a key bearish trend line forming with resistance near $1,830 on the hourly chart of ETH/USD. The next resistance is near $1,840, where Ethereum could gain bullish momentum and rally towards $1,850. If there is a move above the $1,880 resistance, the price could spike towards the $1,920 level. Any gain above the resistance zone of $1,920 could start a decent rise towards the $2,000 resistance. If Ethereum fails to clear the $1,840 resistance, it could start a downside correction. An initial support on the downside is near the $1,815 level. The next support levels are around $1,800 and $1,780. According to the analyst, the technical indicators are as follows:
- Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for ETH/USD is above the 50 level.
- Major Support Level: $1,800
- Main Resistance Level: $1,850
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.