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

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.

Nearly 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. This was likely pre-pump positioning & a forewarning of the pump. https://t.co/mcqQYGbZGd pic.twitter.com/pM3fM6TzwC

— Santiment (@santimentfeed) July 23, 2020

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.

$ETH take a step back and enjoy the view. pic.twitter.com/HunBGySvHI

— Bitcoin Kang ? (@bitcoinkang) July 22, 2020

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

The total market cap of crypto will break out (most likely) upwards.

That's not going to be through $BTC.

That's going to be through $ETH.

As $ETH is very undervalued.

— Crypto Michaël (@CryptoMichNL) July 22, 2020

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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