Why the pump, though? The most likely reason is that whales, i.e. ETH owners who have vast quantities of the cryptocurrency stored, are either going to trade or sell their stakes for a profit.
Some 100 whales have moved ETH in the past 3 days, making the shifts too noticeable to miss. According to experts, the move was a “pre-pump positioning” or in the very least a “warning of the pump.”
With ETH interest soaring, thanks to the DeFi bonanza, it's not surprising to see interest in Ethereum recuperate. Sure, the sudden surge in traffic has been the reason for some slowdowns, which the Ethereum Foundation is trying to solve by launching Ethereum 2.0.
A test version of Ethereum 2.0 is actually launching on August 4 in a bid to alleviate some of the pains that the network is experiencing due to overloading. According to Cointelegraph analyst, Michael van de Poppe, the full potential of ETH has hardly been reached.
ETH is still grossly undervalued, de Poppe said. Meanwhile, BTC/USD has been pushing up back to $10,000 with the Tuesday price registered at $9,350.
Ethereum is quickly turning into one of the most preferred destinations when it comes to blockchain gaming, which partly explains the interest from investors.