Earlier today, Cake Group CEO Julian Hosp stated on Twitter (X) that Ethereum was not only a better investment than Bitcoin, but that it had been for years. If you only want to hold one coin, $ETH is it, the tech leader said.
Large transfers of ETH to exchanges over the past few days have made headlines about Ethereum and raised the possibility of a sell-off. Earlier this week, Tweets from Whale Alert, Wu Blockchain, and PeckShieldAlert detailed ETH transfers. This sell-off is thought to have occurred as a result of large ETH transfers to exchanges from addresses connected to Vitalik Buterin.
Meanwhile, CoinMarketCap showed that ETH suffered a slight loss of 0.08% over the past 24 hours. As a result, at the time of publication, the altcoin king was trading at $1,632.04. In addition to the modest decline in price, ETH’s weekly performance also fell by 4.94%.
The 9-day EMA line has been placed below the 20-day EMA line on ETH‘s technical chart during the course of the previous weeks. Both lines are descending lower and suggest negative market conditions. Another unfavourable sign is the RSI, which at 36 is perilously close to the oversold region. The RSI line, however, has an upward title and is located above its sign line, which may be a hint of a development reversal.
Popular pro-XRP attorney John Deaton apparently published an article over a week ago in which the author claimed that China had an impact on Ethereum. The story raised concerns about Buterin’s connections to China and how that country would impact Ethereum. The article focused on Dr. Xiao Feng’s collaboration with Ethereum to promote the advent of blockchain in China. He is the government director of China Wanxiang Holding. The Ethereum management has yet to address these accusations.