Ethereum Market Sentiment: Someone transferred 0.55 ETH but had to pay $2.6 million in fees

• An unknown address sent 0.55 Ethereum coins to another address with a 10,688 Ether fee (around $2.6 million at current prices).
• ETH/USD remains stable and trades around $243 at the time of writing.

Ethereum continues flattening and unable to crack $250. The daily trading volume is still declining and the daily MACD is on the verge of a bear cross, however, the 12-EMA and the 26-EMA are both still bullish. It’s unclear at this point if the daily bull flag can still be called that as the sideways action has been going on for a bit too long.

Ethereum user sends $100 worth of ETH and mistakenly paid $2.6 million in fees

An unfortunate event today for an Ethereum user that wanted to transfer around $133 worth of Ethereum to another address. The transaction was completed three hours ago on June 10 with a transaction fee of 10,668.73 Ether. It’s unclear whether the user wanted to use the $133 as a fee to speed up its transaction and by error used the transaction amount as the fee. The total value of the fees paid is equal to $2,598,476 at current prices.

While cryptocurrencies are great because they allow users to fully own their funds, they also come with certain risks like the one we have just seen. Always make sure you enter the correct address, transaction amount, and fee before sending it. 

ETH/USD daily chart

ETH/USD technical levels

ETH/USD