Ethereum Selling Pressure? Golem Transfers $100M ETH to Exchanges: Price Prediction

cryptonews.com:

The price of Ethereum has shot up by 3.5% in the past hour, returning to $3,025 after diving to $2,829 in the early hours of the morning.

ETH’s current price means that it has risen by a very slight 0.4% in 24 hours, with the coin also down by 13% in a week and by 18% in the past month.

Such declines come as Golem transfers 36,000 ETH – worth approx. $108 million – to various exchanges, with the long-dormant Ethereum ICO project still sitting on a trove of 231,400 ETH.

This underlines the possibility of further big dumps to come, although ETH’s strong rebound from $2,800 suggests that it probably can’t fall much lower with traders returning to buy the dip.

What we see with Ethereum’s in the past 24 hours is a panicked selloff and then a very big recovery, with the coin’s indicators showing a marked improvement in momentum.

This is particularly evident with ETH’s relative strength index (purple), which has jumped from 20 in the early hours of this morning to nearly 70 as of writing.

And the alt’s 30-day average (orange) has also begun rising up from an excessively oversold position, with it now potentially on course to overtake the 200-day (blue) later this week.

We’ve also seen ETH’s trading volume spike a little today, rising from $10 billion yesterday to $16 billion today, as traders swoop in to take advantage of the coin’s sudden dip.

The main reason for this dip is that data revealed that the long-dormant project Golem – which raised 820,000 ETH in a 2016 presale – has transferred 36,000 ETH to Binance, Coinbase and other exchanges in the past 37 days.

Golem, a project that raised 820,000 ETH in ICO in 2016, has transferred 36,000 ETH to Binance, Coinbase, Bitfinex, etc. in the past 37 days, worth about $115 million.