Ethereum price fell 2% over the past 24 hours to $1,810 following news that A participant in the 2016 ICO of the cryptocurrency has transferred 1 ETH. at a new address.
Today’s drop means that ETH is down 13% in a week, though it is still up 3% over the last 30 days and 51% since the start of the year.
While the aforementioned ICO investor is potentially testing the waters for a large transfer and possible selloff, there is a chance that ETH could see some more downside in the near future.
Yet in the longer term, April’s successful Shanghai upgrade solidified Ethereum’s already strong fundamentals, with the platform and its native token poised for more gains in the coming months.
Ethereum Price Prediction As Early Ethereum ICO Whales Get Active After 7 Years – What’s Going On?
ETH’s chart shows that a selloff is likely in the near future, with its indicators set for further downside.
Specifically, the relative strength index (purple) of the coin has fallen below 50 and continues to decline, with prices unlikely to move lower until the RSI reaches 30 and/or breaks below.
At the same time, ETH’s 30-day moving average (yellow) remains well above its 200-day (blue), indicating that the altcoin is yet to near the bottom.
In fact, ETH continued to slide through support levels, surpassing $2,000 late last week and slipping below $1,900 over the weekend.
It looks like it could even drop through $1,800, especially if the news of Ethereum ICO whales moving some long-dormant ETH is to be taken seriously.
On the one hand, the fact that this whale has started moving ETH after more than seven years of inactivity should be taken as a potential red flag.
On the other hand, he only transferred 1 ETH out of the total amount received of 2,365 ETH, so it doesn’t necessarily mean that the whale is ready to sell more than $4 million in cryptocurrency.
Other whales appear to be more inclined to sell at this point, however, suggesting that ETH faces further declines before recovering again.
Despite today’s decline, the bull case for ETH has been strengthened in recent days by the news that major French bank Société Générale has launched a euro-denominated stablecoin on the Ethereum blockchain.
This is a huge endorsement for layer-a blockchain, given that it suggests that major financial institutions and enterprises are more likely to put their trust in Ethereum than in any of its rivals.
Importantly, the recent Shanghai update has further strengthened Ethereum’s fundamentals, making it possible to backtest ETH and thus attract any investor looking to earn passive income. Want to
Some analysts estimate that the platform’s staking rate (in terms of the total supply of ETH) will rise closer to 60%, meaning that a substantial amount of ETH could be taken out of circulation.
Given such a reduction in the supply of ETH, the coin could see a steady price increase as the year progresses, returning to $2,000 in the next few months before potentially reaching $3,000 by early 2024.
Luv Hate Inu flaunts strong fundamentals of its own
Given that Ethereum is undergoing a clear downtrend at the moment, traders looking for large short-term gains may prefer to look at other high potential coins with strong fundamentals.
one of the most interesting love hate inuA decentralized polling platform that will reward users with their LHINU tokens for participating in a series of surveys.
It opened LHINU pre-sales about a month ago, and has raised over $6.7 million to date, making it one of the largest token offerings happening right now.
That it can raise this amount in such a short span of time suggests that investors are already strongly attracted to Love Hate Inu, believing that it has great potential to become a successful platform when it launches in the next few months .
Love Hate Innu’s polling platform works through staking, with users who stake greater amounts of LHINU receiving greater amounts of rewards when they participate in voting.
Love Hate Inu aims to stand apart from its competitors by harnessing the viral power of memes and meme tokens, with its platform selecting the most topical and controversial polls to generate public interest.
Investors can participate by visiting its presale Official Love Hate Innu WebsiteWhere they can use USDT, ETH or fiat currency to buy LHINU.
The sale has now entered its sixth phase, with one LHINU token priced at $0.0000135, though it will rise again to $0.0000145 in just 19 days.
This means that investors don’t have long to get hold of some LHINU before it is listed on exchanges, which is when it could see some really big price increases.