More than $30 million Ethereum coins entered Huobi in a week and the altcoin is not having the greatest start of 2020 since the prices continue dumping from the levels which are already dropping to rock bottom as ETH gets liquidating on exchanges as we are reading further in the ethereum latest news.
Since New Year’s day, ETH dumped more than 5 percent and it continued dumping for the third day of the month. The support of $130 has turned the resistance as Ethereum slid back to $125 a few hours ago according to TradingView.com. Yesterday’s Muir Glacier did nothing for the prices as it was the case with Istanbul last month. Hard forks have really no impact on the markets these days. Since its 2019 peak, ETH dumped 65 percent and it’s not looking like recovering any time soon. The cause could be the major liquidation on major exchanges as the crypto trader CryptoGainz noted saying that $30 million ETH coins flooded the Huobi exchange over the past week:
“Oh, you know, just a casual +235k net inflow of $eth to huobi over the last 7 days.”
Since the exchange is extremely popular in China, the dump was likely the leftover of the PlusToken scam after the liquidation. Huge ethereum dumps occurred last month as the PlusToken wallets were emptied and it was suggested that the scammers could even manipulate the ethereum prices for a longer time to come. Aside from the scammers and the whales manipulating the markets and encouraged the bears while Ethereum remains fundamentally solid.
The growing DeFi ecosystem based on ETH proves that the token is evolving into the internet of money and the amount of ETH locked in DeFi hit another all-time-high of 3 million. There’s a renewed optimism for ETH 2.0 the first stages of which will be rolled out this year:
“Super excited to see $ETH pull off Ethereum 2.0 this year. Definitely going to be the biggest crypto moment of the year.”
The entire rollout of the new ETH 2.0 platform is still far away but the first proof of stake Beacon Chain will be activated later this year. This will start a new way to earn ethereum through running anode or staking rewards which major exchanges are likely to offer. Ethereum is having a rough time right time but there seems light is emerging at the end of the tunnel.
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