Bitfinex is one of the few exchanges that many whales are using, alongside Bitstamp and Gemini. For $458, 7’000 Ethereum is equivalent to $3.2 million. Thus, it is a large single buy order of exchange.
Traders are generally feeling positive concerning the price of Ether and Bitcoin in the near term. Both top cryptocurrencies had their respective monthly candle close to a multi-year high.
Michael van de Poppe is a full-time trader at the Amsterdam Stock Exchange. He said that a minor consolidation would happen most probably. After that, he suggested another attempt at $12,400 is likely for Bitcoin price, with Ethereum leading the way.
Furthermore, Poppe said that it is bullish. It reached the $12,000 area that he has pointed since the low. Poppe wants to see consolidation above $11,600 there.
They will most likely see a rally towards $12,400 and new highs if that will happen. $ETH is already paving the way for others.
Bitfinex
User activity on Ethereum has already reached multi-year highs. Thus, the price of Ether hit 19 months high against Bitcoin.
The price of Ethereum’s Ether (ETH) surpassed 450 USD. So, a massive buy wall on the major cryptocurrency exchange Bitfinex emerged. Ethereum achieved $270, shortly after that. Thus, it is at a 19-month high against Bitcoin (BTC).
The crypto has sustained strong raising momentum, buoyed the rising user activity on Ethereum throughout the past two months.
Data of Etherscan shows that the daily transaction volume on Ethereum increased from about 420,000 in January to over 1.2 million transactions per day in August.
The explosive demand for small DeFi (decentralized finance) and Uniswap tokens has created a consistent demand for the crypto. On the Ethereum blockchain network, users must utilize Ethereum to cover transaction fees.
That is the situation over the Ethereum and DeFi.
