Cryptocurrencies

Ethereum (ETH) falls, its whales multiply – Cryptocurrencies

Despite the big drop in Ethereum, whales are flocking to the second cryptocurrency

When it goes up, it’s time to sell; when it goes down, then it’s time to buy. The Aether (ETH) appears to be enjoying the support of the Whales in a moment of recoil; the network, meanwhile, is doing its best to support DeFi’s growth, which is retroactively impacting its price.


Whales swim against the tide

A volatile crypto: no wonder! The behavior of traders and investors However, we always have some surprises in store.

The most recent example occurred during the fall in the price ofEther at the beginning of September 2020. The course of theETH had undergone a collapse of almost 30%, going as low as $ 326 as of September 5, 2020.

According to site data Santiment, at least 68 new very large investors have joined the network Ethereum in the 3 days which followed this plummet.

These investors would hold between 1,000 to 10,000 ETH, which represents a value within a range from $ 350,000 to $ 3,500,000.

Whales buying ETH collapse course

Source : Image via Twitter

These Whales do not appear to be particularly affected by this reversal in prices, which bodes well for the future of Ethereum.

This counter-current purchase could prove profitable for these investors if the long-term uptrend confirmed.

Fees explode, protocol crumbles: new DeFi routines?

This correction suffered by theETH had been mentioned by many analysts. The rising price ofEther observed since the beginning of June 2020, is explained by the growth of the DeFi machine, which is accompanied at the same time by an increase in demand for ETH.

The proliferation of transactions was followed by network congestion with excessive fees reaching 485 Gwei to 1er September 2020.

The rout of protocol Sushiwap, which lost 88% of its value in just 5 days, and the price of theETH reduced fees to an average level of 98 Gwei.

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Will the Whales succeed in reviving the ETH machine after the recent collapse of its price? The DeFi machine is already running at full speed, at the risk of having a serious accident. Network congestion, gas explosion: Ethereum is having a hard time, but it’s bad for good. Success is at the end of the tunnel; enough to attract other whales who will be delighted to swim in an ocean of ETH whose network has passed the scalability test.

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