The main investors in the largest old coin, Ether (ETH), You have probably floated nearly $ 200 million on the exchanges to get a new clue that price volatility is being affected.
Data from the chain analysis resource Santiment of July 23 suggest that 700,000 ETH (USD 182.7 million) They hit the exchanges in just three days this week.
The ETH broadcasts “Advice on pumping”
The movements coincided with the decrease in the wallet balance by approximately this number, which implies this The whales were preparing to sell or trade the ETH in bulk.
“”Almost 700,000 ETH have been moved by the 100 most important whales in the last 3 days. During this time, the total stock of the 100 best ETH addresses decreased by almost 700,000 ETH or around USD 182.7 million, “added Santiment in comments on Twitter.
“This was probably a backing pump positioning and a pump warning.”
Changes in the balance of the main owners of ether. Source: Santiment / Twitter
ETH / BTC has sparked renewed interest in the past few weeks due to the phenomenon of DeFi tokens that use the ERC-20 protocol for transactions. Ethereum 2.0, the long-term protocol update for Ether’s matrix network, is scheduled to launch its final test network in early August..
Two consecutive Bitcoin price hikes this week have affected Etherwith 24-hour gains totaling 7.8% as of Thursday’s release, well ahead of Bitcoin’s 1.7%.
Before, Cointelegraph predicted that the new bullish action for ETH would continueif the resistance level is exceeded at $ 250.
“Ether’s bullish move (ETH) on July 21 brought it close to the $ 249,195 – $ 253,556 resistance zone. If the bulls can push the price across the zone, the next phase of the uptrend will likely resume“wrote analyst Rakesh Upadhyay.
Van de Poppe: ETH is “undervalued”
Cointelegraph Markets analyst Michaël van de Poppe had similar thoughts.
“”The total capitalization of the cryptocurrency market will skyrocket (most likely) up “, tweeted.
“It won’t go through BTC. It will be through $ ETH. Because $ ETH is very undervalued. “
Cryptocurrency traders have slowly mitigated their declining market outlookespecially because Bitcoin in particular has caught up with a long-lost ground.
A rise to $ 9,400 on Tuesday led BTC / USD to maintain a level of around $ 9,350before another march towards resistance closer to $ 10,000. Van de Poppe continues to trust that the market has the strength to reach five-digit numbers.