Major investors in the largest altcoin, Ether (ETH), probably moved almost USD 200 million to the exchanges in a further indication that price volatility will be affected.
Data from Santiment’s July 23rd web-based analysis resource suggest that 700,000 ETH (USD 182.7 million) arrived at the exchanges in just three days this week.
Avalanche raised $42 million during its public sale in less than 5 hours
ETH transfers „the pumping notice“
The movements coincided with the decrease in purse balances by approximately that amount, implying that the whales were preparing to sell or trade ETH en masse.
„Almost 700,000 ETH were moved by the top 100 whales in the last 3 days. During this time, the combined balance of the top 100 ETH addresses was reduced by almost 700,000 ETH, or about ~ USD 182.7M,“ Santiment added in comments on Twitter.
„This was probably a pre-pump positioning and a pumping warning.“
Vitalik Buterin warns that high fees threaten the security of Ethereum
The ETH/BTC has seen renewed interest over the last few weeks, fuelled by the phenomenon of DeFi tokens that use the ERC-20 protocol for transactions. Ethereum 2.0, the long-term protocol update of Ether’s parent network, is scheduled to launch its final test network in early August.
Two subsequent increases in Bitcoin price this week have had a ripple effect on Ether, with 24-hour gains totaling 7.8% at the time of Thursday’s release, far ahead of Bitcoin’s 1.7%.
Earlier, Cointelegraph predicted that the new bullish stock for ETH would continue, if the USD 250 resistance level is broken.
The last Ethereum 2.0 test network will be launched on August 4th
„Ether’s (ETH) upward movement on July 21st has brought him close to the resistance zone of USD 249,195 – USD 253,556. If bullish drivers can push the price above the zone, it is likely that the next stage of the uptrend will 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 crypto-currency market will (most likely) skyrocket,“ he tweeted.
„That’s not going to be through the $BTC. It will be through the $ETH. Since the $ETH is very undervalued.“
Cryptcoin traders have been slow to ease their downward outlook on the market, as Bitcoin, in particular, has regained some long lost ground.
A rise to USD 9,400 on Tuesday caused the BTC/USD to hold levels around USD 9,350, before a further march to closer to USD 10,000 resistance. Van de Poppe remains confident that the market has the strength to reach the five figure level.