It seems that Ethereum has finally broken it's nasty correlation with BTC! Happy day!
While I enjoyed being able to "predict" Ethereum's price based on Bitcoin's movements, having Ether do what it wants is a little bit better than just having it as a bitcoin clone.
Because I predominantly trade ERC-20 tokens, I love knowing what Ether would do before it does it. Now that it has broken it's correlation with BTC, I now have to do actual work to know it's price. Yuck.
But the real reason we're here is: Why is Ether pumping so hard?
I mean, from $141 to $182 in just 2 days! That's insane!
To know why, we'd need to go behind the scenes. Way, way behind the scenes.
Remember the crash last month? Yeah, many people called it "Black Thursday", reminiscent of the stock market crash back in the good old days. That was black Monday. Watch the wolf of wall Street. You'd be up to speed in no time.
Ok. Recall that Ether dipped way harder than BTC, mostly because of the sell off in all ERC-20 tokens back then. It was a madhouse.
The thing is, in the crypto market, the lower the dip, the higher the bounce. And that's what we're seeing right now.
But that can't be all. And you're right.
Going behind the scenes once again, I got 12 whale alert notifications of whales transferring a total of 100000ETH to Binance. They did that at a price of $163, and that transfer amounted to over 16 million dollars.
To put that into perspective, the regular trading volume of ETH/USDT on Binance is 90 million dollars. That means that a few transfers made up for almost a quarter of the entire trading volume on that exchange!
Whales don't move their funds unless they wish to pump or dump the market. But in this case, the pump was a massive 11% one.
Once they cleared out all the stop losses on the downside, they pumped the price on a few green candles, and sold out to those who had a bad case of FOMO.
I believe that Ether would pump on it's own from here on after, without help from any whales. We might be seeing $200 soon.
Thanks for reading.
