The other day, it’s been reported that Vitalik Buterin and Prysmatic Labs revealed that the first Ethereum 2.0 test network called “Topaz” has been launched. This will have a complete configuration, like the mainnet in phase 0.

It’s believed that this move was one of the factors that pushed up the crypto market the day before.

At the moment of writing this article, ETH is trading in the green just like otheer digital assets.

ETH shows short-term technical strength

Ethereum has been showing some short-term technical strength and amidst this, an important Bitcoin whale noted in a recent tweet that he believes there’s one important entity that it stopping ETH from seeing an utter meltdown.

He noted that this group could be the suspect behind the massive ETH buy order that has been seen on Bitfinex.

Unusually large buy walls and margin long positions

CryptoSlate brought up J0E007 – one of the most profitable traders on Bitfinex – who addressed the unusually large buy walls and margin long positions in a recent tweet.

He explained that he believes this could be Ethereum Foundation’s attempt to absorb extra ETH supply and stop the coin from witnessing a “full meltdown.”

He continued and explained the following:

If this is the case, it would be bearish for Ethereum’s long-term outlook, because this would cast a shadow over the coin’s fundamental strength that analysts and investors reference.

At the moment of writing this article, ETH is trading in the green, and the coin is priced at $170.51.

Leave a Comment