Ethereum Will Not See A Full Meltdown Thanks To This Entity

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.


People Mentioned

Vitalik Buterin
Vitalik Buterin

Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.

Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

Ethereum Foundation
Ethereum Foundation

Empowering developers to produce next generation decentralized applications in order to build a more free and trustworthy Internet.

Tron Foundation
Tron Foundation

Tron Foundation

Trending news

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

5

Website

Icon
FortuneJack

4.55

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2278 Articles

Top Exchanges
Top Casinos
Icon
7bitcasino

4.20

Website

Icon
BitStarz

4.93

Website

Icon
FortuneJack

4.90

Website

Top Sportsbook
Icon
1xBit

4.03

Website

Icon
Nitrogen Sports

4.73

Website

Icon
SportBet.io

4.60

Website

Trending news