Here’s How Ethereum’s ICO Participant Made 18,870% Gains After Nearly 9 Years; ETH Price With Mixed Signals
An early Ethereum (ETH) investor who participated in the project’s Initial Coin Offering (ICO) has awakened after an 8.8-year dormancy period yesterday. According to a tweet by Lookonchain, a blockchain analytics platform, the investor transferred 1,960 ETH, worth approximately $5.87 million, out of their wallet.
The investor initially received 1,969.488 ETH during the Ethereum Genesis, when the ICO price was around $0.31 per ETH. This means that the investor’s original investment has grown by 18,870% since the ICO, showcasing the tremendous growth and potential of Ethereum over the years.
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Ethereum’s Price Action: Mixed Trends and Channel Down Pattern
Despite the impressive long-term growth, Ethereum’s current price action is experiencing mixed trends, according to a technical analysis by altFINS. While the short-term trend is bearish and the medium-term trend is neutral, ETH remains above its 200-day moving average, indicating that the long-term uptrend is still intact.
Source: altFINS – Start using it today
Currently, Ethereum is trading within a Channel Down pattern. Traders who believe that the price will remain within the channel can initiate trades when the price fluctuates between the channel’s trendlines. However, if a breakout occurs, traders can enter a position when the price breaks through either the upper or lower trendline, as this can lead to rapid price movement in the direction of the breakout.
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Show more +Momentum and Support/Resistance Levels
The momentum indicators for Ethereum are mixed. The MACD (Moving Average Convergence Divergence) Line is above the MACD Signal Line, which is a bullish signal. However, the RSI (Relative Strength Index) is below 45, indicating bearish pressure. Additionally, the declining MACD Histogram bars suggest that the momentum is weakening.
In terms of support and resistance levels, the nearest support zone for Ethereum is between $2,960 and $3,040, followed by another support level at $2,700. On the upside, the nearest resistance zone is at $3,600, with further resistance levels at $4,000 and $4,800.
The recent awakening of an Ethereum ICO participant and the subsequent transfer of 1,960 ETH, worth $5.87 million, showcase the potential rewards of early investments in cryptocurrency projects.
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