Cryptocurrency and Blockchain were always embraced with stories of a gamble and various scandals back then when the sector was just taking edge amidst the other prevalent sectors. Now, when the sector is blooming and has enticed a number of networkers to the crypto trading platform, people have started investing trust along with their money.
However, it was just two days back when one such reminiscence of an unprecedented transfer of Ethereum happened from an unknown address twice. The details are such that two days back on June 10, 2020, an unspecified crypto trader transferred $130 worth of ETH. Wherein the user gave out 10,668 ETH to transfer the funds, which means enormous spending of $2.6 million to send $130. What form of scandal can it be—money laundering mistake or user wallet glitch or a bug?
Had it been once, it could have been embraced as a mistake of transferring such a high fee, but the same happened on yet another day, i.e., June 11, 2020. In the next sixteen hours after the first massive transfer happened, the same unknown user again gave away another 10,668 ETH, but the second time this massive $2.6 million amount was spent to transfer $87,000 worth of altcoin.
— Emin Gün Sirer (@el33th4xor) June 12, 2020
Isn’t this insanely curious to know what the truth is, behind the screen?
However, on the technical part, Ethereum has been trading fairly well, with 80% of its supply fetching profit. Here, as per the tweet, the matter of fact when last time ETH was drawing a profit of over 80%, the price of the crypto was around $700. While currently, the coin is trading at $235, which shows an increase in the number of networkers and especially the number of networkers who join during a significant market crash or dip. And with three significant crashes recorded since Year-to-Date viz., a market crash in March, May, and June; it has been its third attempt within a year to have a breakout above 80%.
The percent of #ETH supply in profit is hovering at 80%.
It is the third attempt within a year to break this level.
— glassnode (@glassnode) June 9, 2020
Ethereum Price Analysis
Ethereum, at the time of penning down, was trading at $235 in the global crypto market and had been trading with stupefying momentum since the start of the ongoing month. On the 24-hourly chart, ETH coin has retained support from 50-day and 200-day MA at $215.68 and $181.68, respectively.
Ethereum—the king of altcoins has been performing utterly well since the start of 2020 when compared with the largest cryptocurrency by market capitalization—Bitcoin. Moreover, it is quite evident that the major altcoins have been gaining traction and have marked an amazing intraday rebound in comparison to BTC.
Balance on exchanges, YTD change:
— Rafael Schultze-Kraft (@n3ocortex) June 11, 2020
Also, Ethereum is exhibiting a continual uptrend after the market crash in March with intermittent dip yet is standing strong against the monthly support at $190 above 50.0% Fib Retracement level.
Towards the end of the previous month, ETH coin breached the price consolidation around $210, and since then, the trend is right above 61.80% Fib. The nearest support to watch out for lies around $215 and $213 price area. The 20-day Bollinger Bands are not projecting any unprecedented volatility in the upcoming days; however, the MACD is starting to appear slightly bullish with slight intraday pullbacks, but the bullishness co-exists.