200 ETH Of Other Ethereum IC0 Participants Unexpectedly Moved To Coinbase

Key Points:

• After 61,200 of one whale yesterday, another ETH IC0 participant address woke up.
• This wallet address sent 200 ETH to Coinbase 5 hours ago.
• According to the data, from $62 on July 30, 2015, its value has increased to $377,600 today.

On-chain analyst Ember Yu tweeted that after one IC0 participant address transferred 61,216.6 ETH to Kraken yesterday, another IC0 Ethereum participant address woke up 5 hours ago after 8 years of sleep.

The data shows that this wallet address sent 200 ETH to Coinbase exchange 5 hours ago. It currently needs to be determined what the purpose of this wallet is. Since July 30, 2015, this number of tokens has increased in value from $62 to $377,600 today.

This development makes users more worried about the negative information that may happen to the second largest cryptocurrency in the world, Ethereum.

As previously updated, early yesterday, there was a giant whale participating in the Ethereum Foundation IC0 that sent all 61,200 tokens to the exchange, leaving the community bewildered.

Many people are inclined to speculate that whales may be about to release their goods when they know in advance that some information is coming to this cryptocurrency. These inferences are based on the volatile market situation caused by the tightening measures taken by US regulators towards the crypto market, especially the SEC.

But there is also a more positive inference that this whale wants to make a profit of $10,000 per day when participating in the staking service with his massive amount of coins.

The Ethereum token is noted to be in a state of uncertainty. On June 21, Ethereum price broke out of the descending resistance line (dashed line), reaching as high as $2,029 on July 14. This high indicates a break out of the resistance area. $1,900, this is a very important level.

However, shortly after hitting a high of $2,029, Ethereum fell. It is currently trading inside the $1,900 area, potentially confirming it as support.

Predicting the future ETH price depends on whether the token breaks out of the channel or bounces. In the event of a crash, ETH can drop to $1,790.

Conversely, if the price bounces, it could lead to a rally to new yearly highs and potentially hit the next resistance at $2,500.