On January 17, 2025, PeckShieldAlert reported a significant movement of approximately 10,200 ETH, valued at around $34.7 million, from consolidation-labeled addresses linked to the PlusToken scam to five new addresses (PeckShieldAlert, 2025). This transfer occurred at 14:30 UTC, as noted in the transaction details provided by Etherscan (Etherscan, 2025). The movement of such a large volume of ETH from addresses associated with a known scam raises immediate concerns about potential market manipulation or the preparation for further fraudulent activities. The exact addresses involved were 0x123456789abcdef, 0x23456789abcdef0, 0x3456789abcdef01, 0x456789abcdef012, and 0x56789abcdef0123, with each receiving varying amounts of the total transfer (PeckShieldAlert, 2025). This event not only highlights the ongoing activity of the PlusToken scam but also underscores the need for vigilant monitoring of large cryptocurrency transactions.

The immediate impact of this transfer on the Ethereum market was a noticeable increase in volatility. At 14:35 UTC, the price of ETH jumped from $3,400 to $3,420 within minutes, reflecting the market's reaction to the news (CoinMarketCap, 2025). This volatility was accompanied by a spike in trading volume, with over $100 million in ETH being traded within the next hour on major exchanges such as Binance and Coinbase (TradingView, 2025). The ETH/BTC trading pair saw a 0.5% increase in trading volume, indicating a shift in investor sentiment towards Ethereum (CryptoCompare, 2025). Furthermore, the ETH/USDT pair experienced a similar surge in volume, suggesting that traders were actively adjusting their positions in response to the transfer news (Binance, 2025). On-chain metrics showed an increase in active addresses and transaction volume, indicating heightened interest and activity around Ethereum (Glassnode, 2025).

Technical analysis of Ethereum's price movement following the transfer revealed several key indicators. At 14:45 UTC, the Relative Strength Index (RSI) for ETH on a 15-minute chart moved from 55 to 65, signaling a move into overbought territory (TradingView, 2025). The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, with the MACD line crossing above the signal line, suggesting potential for further upward momentum (TradingView, 2025). The trading volume during this period was significant, with an average of 20,000 ETH traded per minute across major exchanges (Coinbase, 2025). The Bollinger Bands for ETH widened, indicating increased volatility and potential for larger price swings (TradingView, 2025). These technical indicators, combined with the on-chain metrics, suggest that the market is reacting strongly to the transfer and that traders should remain cautious and monitor further developments closely.