Ethereum Price Surges 0.5%, $116 Million ETH Moved After 8 Years

Ethereum Price Prediction as ETH ICO Participant Moves $100 Million After 8 Years – Summary

  • The ETH price has risen by 0.5% in the past 24 hours, ascending to $1,919 after a long-dormant participant in the Ethereum ICO apparently sold $116 million of the token via Kraken.
  • ETH is now up by 2% in the last seven days and by 11% in the last 30 days, with the altcoin having risen by 60% since the beginning of the year.
  • Its relative strength index (purple) passing above 50 and potentially heading to 60 or higher signals growing momentum for ETH.

Background on Ethereum

Ethereum (ETH) is a decentralized open-source blockchain platform founded by Vitalik Buterin in 2015 that enables Smart Contracts and Distributed Applications (DApps) to be built and run without any downtime, fraud, control or interference from a third party. As one of the largest cryptocurrencies available on major exchanges today, it has gained popularity due to its advanced capabilities such as smart contracts and decentralized applications.

Recent Events Affecting Ethereum Price

Recently, an XRP-driven market-wide rally has helped Ethereum avoid being damaged too much by an inactive participant’s sale of $116 million worth of ETH via Kraken. Despite this news, ETH remains one of the strongest cryptocurrencies in terms of fundamentals and its indicators suggest further gains may be seen soon. The coin’s 30-day moving average (yellow) will need to reverse its decline before consistent gains are seen however.

Impact on Ethereum Price

The sale of such a large sum of cryptocurrency does not bode well for near future prices but with strong fundamentals behind it, it is likely that Ethereum will rise again sooner or later. Its support level (green) has held up very well over recent weeks despite some falls so it is unlikely that prices will drop much further in the near term.

Overall, while there may be some alarm regarding this formerly dormant wallet address moving $116 million worth of ETH to Kraken after eight years, it should ultimately be regarded as mostly positive news. The fact that someone was able to sell such a large amount without causing a huge impact on Ethereum’s price shows just how resilient this cryptocurrency really is.