Ethereum (ETH) Price Tumbles as Bearish Sentiment Looms

• Many Ethereum addresses linked to the platform’s ICO have begun to exhibit movement.
• The ETH price seems to have lost momentum after facing resistance at $1666 level.

To improve the openness and accessibility of smart contract audits for decentralized finance (DeFi) protocols, developers of Ethereum (ETH) have created a new standard called ERC-7512. This month, Richard Meissner, co-founder of Safe, presented a suggestion on the Ethereum Magicians forum that has generated a lot of debate among developers.

The fundamental goal of ERC-7512 is to provide an on-chain depiction of audit reports that can be parsed by contracts, allowing users to extract useful information about the audits, such as the auditors participating and the verified standards, from the audit reports themselves.

After eight years of inactivity, an Ethereum ICO participant sent 32.1 ETH and 160.1 ETH to Coinbase. This specific Ether address was part of the Ethereum Genesis and had been credited with 200 ETH at the outset.

Many Ethereum addresses linked to the platform’s ICO have begun to exhibit movement in the last few months, after lying dormant for years. Speculation and intrigue have been heightened in the crypto market as a result of the unexpected activity.

Bears Dominate

At the time of writing, ETH is trading at $1622, down 1.05% in the last 24 hours as per data from CMC. The ETH price seems to have lost momentum after facing strong resistance at $1666 level. It will now test the first support at $1610 level, breaking which the price will likely decline all the way till $1538 mark.

Moreover, if the price breaks below the key $1538 support level then it is likely to decline all the way till $1431 mark. On the other hand, if the price manages to go above the $1666 mark then it will likely rally towards the $1737 level.