Ethereum

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Golem

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<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.
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Will These Ethereum Whale Transfers Lower The Chances of Recovery?

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