Ethereum Whales Send Exchanges $182M in â€˜Likely Pre-Pump Positioningâ€™
Volatility is firmly on the radar as non-exchange balances suddenly decline by 700,000 ETH within just three days and resistance topples.
Major investors in the biggest altcoin Ether (ETH) likely moved almost $200 million to exchanges in a fresh hint that price volatility will now hit.
Data from on-chain analytics resource Santiment on July 23 suggested that 700,000 ETH ($182.7 million) made its way to exchange wallets in just three days this week.
ETH transfers â€œforewarning of the pumpâ€�
The movements coincided with known non-exchange wallet balances declining by roughly that figure, implying that whales were preparing to sell or trade ETH en masse.
â€œNearly 700K $ETH were moved by top 100 whales in the past 3 days. Over this time, the combined balance of the top 100 non-exchange ETH addresses shrank by almost 700K ETH, or about ~$182.7M,â€� Santiment added in comments on Twitter.Â
â€œThis was likely pre-pump positioning & a forewarning of the pump.â€�
Top Ether holder balance changes. Source: Santiment/ Twitter
ETH/BTC has seen renewed interest throughout the past weeks, fuelled by the DeFi token phenomenon which uses the ERC-20 protocol for transactions. Ethereum 2.0, the long-term protocol upgrade of Etherâ€™s parent network, is set to launch its final testnet in early August.
Two later upticks in the price of Bitcoin this week had a further knock-on effect on Ether, with 24-hour gains totaling 7.8% at press time on Thursday â€” far ahead of Bitcoinâ€™s 1.7%.
Previously, Cointelegraph forecast that fresh bullish action for ETH would continue, should resistance be overcome at $250.
â€œEtherâ€™s (ETH) up-move on July 21 has carried it close to the overhead resistance zone of $249.195â€“$253.556. If the bulls can propel the price above the zone, the next leg of the uptrend is likely to resume,â€� analyst Rakesh Upadhyay wrote.
Van de Poppe: ETH is â€œundervaluedâ€�
Cointelegraph Markets analyst MichaÃ«l van de Poppe had similar thoughts.
â€œThe total market cap of crypto will break out (most likely) upwards,â€� he tweeted.
â€œThat’s not going to be through $BTC. That’s going to be through $ETH. As $ETH is very undervalued.â€�
Cryptocurrency traders have slowly eased their bearish outlook on the market given that Bitcoin, in particular, has regained some long-lost ground.
A rise to $9,400 on Tuesday saw BTC/USD hold levels at around $9,350, before a fresh march towards resistance closer to $10,000. Van de Poppe remains confident that the market has the strength to hit five figures.
Powered by WPeMatico