Whales have moved Ether almost $200 million to exchanges to hint that the price volatility will be hitting all-time low.
According to a data in on-chain analytics resource Santiment, 700,000 ETH made its way to the exchange wallets. The move was made in a span of three weeks.
The movement came at a time when the balance of non-exchange wallets dropped which suggested that whales were preparing to sell or trade ETH en masse.
“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,” Santiment added in comments on Twitter.
He also added that “This was likely pre-pump positioning & a forewarning of the pump.”
In the past few weeks, ETH/BTC has seen renewed interest which has been leveraged with the DeFi token phenomenon which uses the ERC-20 protocol for transactions.
Cointelegraph had earlier reported that fresh bullish action for ETH would continue, should resistance be overcome at $250.
Analyst Rakesh Upadhyay said Ether’s (ETH) up-move on July 21 has carried it close to the overhead resistance zone of $249.195–$253.556. If the bulls can propel the price above the zone, the next leg of the uptrend is likely to resume.
A Cointelgegraph market analyst, Michaël van de Poppe said
“The total market cap of crypto will break out (most likely) upwards,” he tweeted.
“That’s not going to be through $BTC. That’s going to be through $ETH. As $ETH is very undervalued.”