Ethereum

Revive

Golem

Spot

<ul>
 <li>Ethereum traded at $3K, down by 12.33% over the past week.</li>
 <li>Project Golem, a 2016 Ethereum ICO participant, transferred 36,000 ETH over the past month.</li>
</ul>
Ethereum, the largest-capped altcoin, marks the slightest recovery back to $3,000 with a minute spike of 1.25% in the last 24 hours. Alongside Bitcoin’s dip to $53.4K, Ethereum bottomed at $2.8K last week, creating a panic in the market.&nbsp;
Mt. Gox and the <a href="https://thenewscrypto.com/what-german-governments-425m-worth-btc-transfer-reveals/" target="_blank" rel="noopener noreferrer nofollow">German Government</a> were among the instigators of selling pressure on Bitcoin. Meanwhile, the Ethereum-based project <a href="https://thenewscrypto.com/did-institutional-transfers-play-major-role-in-ethereums-downfall/" target="_blank" rel="noopener noreferrer nofollow">Golem</a> is expected to potentially add to selling pressure on ETH.&nbsp;
Golem, an early Ethereum ICO participant, has transferred over $100 million worth of Ethereum (36,000 ETH) to exchanges like Binance, Coinbase, Bitfinex, and others over the past 37 days. Currently, Golem holds 231,400 ETH, valued at $705.5 million.
<h3 class="wp-block-heading" id="h-eth-whales-play-in-the-last-24h">ETH Whales’ Play in the Last 24H</h3>
Two traders unloaded a total of 13,680 ETH, worth approximately $41 million, over the past 24 hours. The first trader, smartestmoney.eth, deposited 6,440 Ethereum ($19.5 million) to the crypto exchange Binance. As per <a href="https://x.com/spotonchain/status/1810148230937911708" target="_blank" rel="noopener noreferrer nofollow">Spot On Chain</a>, the whale accumulated a profit of $20.6 million.&nbsp;
Meanwhile, the second trader, an inactive whale wallet ‘0x742..’, deposited 7,240 ETH ($21.4 million) to the Kraken exchange. This whale held these tokens for around 1.5 years, and the long-term profit was estimated at $12.83 million, reflecting a 149% gain.
At the time of writing, the asset traded at $3,047, with a market cap of $366 billion. Meanwhile, the daily trading volume recorded a 77.85% increase and stood at $18.47 billion, according to <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">CMC</a> data.&nbsp;
<h3 class="wp-block-heading" id="h-will-eth-rebound-to-3-5k-this-week">Will ETH Rebound to $3.5K this Week?</h3>
Over the past week, the token was down by 12.30%. Similarly, in the last month, the Ethereum price has observed a 17.33% decline. Analyzing the 24-hour ETH price chart, the daily relative strength index (RSI) stands at 35.85, indicating the asset’s oversold condition.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcFj1aabiv9Ps1UhH9htRmVPUZ_vAaWdaWcnyJE9mo4NjfAvpcDcGeemkLcwrpaNlZDB9I_YLJ4lz_b_AY-wQnhQuHTiVYHUruSQ7oa1AqTEpTbzrCZ--wmusn7Y2vZY41WooEIS2rx_Wqh0vfanihwkmI?key=ASV9XbtS8WggFdDrV9JUXA" alt="">
 <figcaption class="wp-element-caption">ETH Price Chart (Source: TradingView)
 </figcaption>
 </figure>
</div>
If a bullish trend strengthens, the price could test its initial resistance in the $3,296 range. If the uptrend persists, the next major resistance levels might be found between $3,480 and $3,695.&nbsp;
Conversely, if Ethereum’s price fails to maintain the bull momentum, it may drop to immediate support near the $2,911 level. The subsequent support may seemingly be found at $2,866.
Highlighted Crypto News of the Day
<a href="https://thenewscrypto.com/can-this-reason-revive-babydoge-bull-run/" rel="noopener noreferrer nofollow">&nbsp;Can This Reason Revive BabyDoge Bull Run?&nbsp;</a>

Will These Ethereum Whale Transfers Lower The Chances of Recovery?

Table of Contents

TheNewsCrypto

Other articles published on Jul 8, 2024

Why did this US crypto company declare independence from the SEC?

Shiba Inu and AVAX Price Rising: Buy or Sell or Hodl?

Notcoin (NOT) Price Aims for New ATH Fueled By Network Development and Exponential User Growth

Shiba Inu, PEPE Face The Heat Amidst $130 Million Crypto Bloodbath

Last Chance for FET Holders: Don’t Miss the ASI Merge Migration Deadline

HashKey Global Announces 3rd Lock to Earn Launch With XRADERS (XR) - Earn from 142,000 XR and 120...

Join our free newsletter for daily crypto updates!