Ethereum Price Teeters on 15% Drop as ICO Whale Dumps Another $7.6M ETH: Crash Imminent?
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
While the market does not appear to have acted brashly to the sell-off, today has seen a 1.48% markdown in the Ethereum price.
This marks a continuation of a slow decline for Ethereum over the past week, down 3.03%. While other notable altcoins have ridden the bullish waves this month, ETH has drowned.
However, today’s events have sparked a flurry of engagement, with trading volume up 43%, reaching $19.50 billion.
Ether ICO Whale Dump 3000 ETH: Is an Ethereum Price Crash Imminent?
In an October 24th X post, blockchain analytics service LookOnChain noted that a whale associated with Ethereum’s initial coin offering (ICO) had chased out another 3000 ETH, worth $7.64 million.
The same address previously sold 7,000 ETH in July, just before the Ethereum price took a 15% plummet, according to the report.
Out of a total of 254,908 ETH received during the Ethereum ICO in 2014, the whale still holds 37,070 ETH, worth roughly $94 million.
Upon closer inspection, technical indicators suggest a potential dip of a similar magnitude as the Ethereum price approaches a possible breakout from a bearish pennant pattern.
This pattern often represents a temporary pause in a prevailing downtrend.
The concern for a potential drop is further supported as the MACD line appears to be amidst a crossover below the signal line, a move which, in recent history, has consistently led to significant dips for ETH.
If the pattern prevails and a breakout materializes, the price target would be set around $1500. However, a long-term proven support line favors an early bailout at around $2050, a 15% drop from current prices.
Maintaining a position above the 50SMA will be pivotal to avoid a crash. Otherwise, a retest of the lower support of the pattern on weak footing could trigger a breakout.
This New Low Cap Gem Could Be The Play This Cycle
While Ethereum continues to underperform, it is in question whether it is the right play this cycle.
As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
Specifically, Crypto All-Stars ($STARS) presents a unique opportunity by pioneering the industry’s first meme coin staking platform.
The MemeVault brings together the entire meme coin community under the Crypto All-Stars umbrella, staking to earn rewards in the project’s native token, $STARS.
This allows the most dedicated meme coin holders to stay true to their favorite coins while capitalizing on the gains staking offers. Something which may be credited to its instant success, raising over $2.5 million in its presale already!
This confidence is bolstered by STARS’s commitment to transparency, with two successful audits ensuring investor safety.
Beyond its pioneering approach to meme coin staking, $STARS itself offers one of the biggest passive income opportunities right now, with a substantial 571% APY. While the market has suffered under recent volatility, All-Star investors have been raking in consistent gains!
Join the Crypto All-Stars community on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- Trump Expected to Sign Executive Orders on Crypto De-Banking Policies on Day One: Report
- Italy’s Largest Banking Group Invests Directly in Cryptos For First Time
- 3 Altcoins That Could Outperform Bitcoin in 2025
- SEC Sues Elon Musk Alleging Rule Violation in Twitter Stake Purchase
More Articles
in numbers
