Whales Transfer Over 700K ETH in ‘Pre-Pump Positioning’

News and Analysis

Ethereum’s (ETH) top 100 holders have moved more than 700,000 ETH ($191.1 million, at press time) to exchanges, over the past three days. Analysts at crypto analytics platform Santiment believe that this might suggest that the leading altcoin is on the verge of another pump.

ETH has broken the resistance zone of $250 it had been keeping since summer 2019, as pointed out by Carmine Lemone Investments CEO known as Bitcoin Kang.

Michaёl van de Poppe of the Amsterdam Stock Exchange also believes that Ethereum’s best days are still ahead.

At press time, ETH price has passed the $270 price mark, having gained 3.5%, over the past 24 hours. The coin’s market cap has exceeded $30 billion, at press time.

At the same time, the median transaction fee on the Ethereum network has reached its mid-2018 levels at around $0.4. CoinMetrics analysts believe the active development of decentralized finance (DeFi) to be the reason behind that.

As forklog.media previously reported, bad actors stole $8.3 million from DeFi protocol Maker DAO by manipulating the Ethereum’s mempool.

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