On-Chain Activity Suggests Ethereum Price Volatility Spike Ahead

  • ETH is trading at $264.44 and is up by 0.66% in the last 24 hours, and the 24 hour high is $269.03.
  • Ethereum has been doing pretty well this week, and the volatility prediction turns out to be true. 
  • Santiments suggest that in the last three days, 700k ETH moved by the top 100 Ethereum whales.

On-chain metrics reveal major volatility spike ahead of Ethereum. Currently, ETH is trading at $264.44 mark and is up by 0.66% in the last 24 hours, and the 24 hour high is $269.03. Ethereum has been doing pretty well this week, and the volatility prediction turns out to be true. 

Non-Exchange Ethereum Balance Falls Down By 700K ETH 

Furthermore, it has been reported that the non-exchange of balance has plummeted in the last few days. Major ETH investors have transferred a total of 200 million ETH to exchanges, confirming an upcoming volatility spike. Recent data by crypto analytics agency, Santiments mentioned that in the last 3 days, 700 ETH was moved by the top 100 Ethereum whales. As a result of which the balance of the top 100 non-exchange wallet balance decreased by almost 700K ETH worth $182.7 million. It has also suggested that this is a harbinger of the upcoming pump.

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Whales Are Transferring Their ETH

The superposition of the plummeting non-exchange wallet balances and the ETH transfer activities is a hint that Ethereum whales are accumulating ETH for trading later. In addition, the Ethereum 2.0 development and its final test net to be launched on the 4th of August, may have some effect on the on-chain features of Ethereum. Ethereum’s market capitalization stands at $29.64 billion and the daily trading volume is $7.82 billion. The Decentralised finance (Defi) protocols have also hugely contributed to the growing user base as well as the daily trading volumes of Ethereum. 

Bitcoin’s Price Hike This Week May Have Influenced Ethereum’s Price Pump

In the Q2 of this year, the total transaction of the DeFi protocols rose to $12 Billion. Ethereum Dapps accounted for a total of 82% out of this $12 billion volume. Bitcoin’s spike in its price this week may have influenced Ethereum’s price pump. Right now, BTC is trading at $9,471.77 down by 0.36% in the last 24 hours and the daily high being $9,551.00.

According to an analyst, since July 21st Ethereum has been in the resistance range of $249.195–$253.556. If Ethereum bulls could help it climb over the range, then it is imminent that the price uptrend would continue. Another crypto analyst suggested that the total market capitalization of the cryptocurrency market will break out. And also added that it’s not going to be because of BTC but because of ETH.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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