Ethereum Metrics Hint at Future ETH Rise Above $2,000 and Higher: Santiment
Ethereum Metrics Hint at Future ETH Rise Above $2,000 and Higher: Santiment
BLK
+0.48%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
SCBFF
+7.11%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
BTC/USD
-1.65%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
ETH/USD
-1.69%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
XRP/USD
-4.72%
Add to/Remove from Watchlist
Add to Watchlist
Add Position
Position added successfully to:
Please name your holdings portfolio
Type:
BUY
SELL
Date:
Amount:
Price
Point Value:
Leverage:
1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000
Commission:
Create New Watchlist
Create
Create a new holdings portfolio
Add
Create
+ Add another position
Close
U.Today – Popular on-chain data aggregator Santiment has published a tweet, saying that their analysts have noticed signs that the second largest may begin growing soon and regain its position above the $2,000 level.
A link to their report was attached to the tweet. Santiment stated that the quiet preparation of ETH to surge has been going unnoticed by many so far since everybody is watching the stellar growth of XRP and . The latter has been going up over the past few days.
Ethereum‘s recent price performance
Since rising to the $2,132 high in the middle of April, Ethereum has behaving rather quietly. In the middle of June, Ethereum benefited from the rise of Bitcoin, which surged on the news of BlackRock (NYSE:BLK) and other major Wall Street funds filing with the SEC for BTC spot ETFs, ETH followed suit and rose from a low of $1,650 to $1,890.
On July 12, Ethereum printed a chaos of long green candles with a few red ones to follow, rising 8.07% and reaching the $2,025 level briefly. The fall that followed has reached 6.71% by now, making ETH trade at $1,888 on the Bitstamp exchange.
On that day, ETH again followed Bitcoin after British banking giant Standard Chartered (OTC:SCBFF) made a prediction that BTC may soar to $50,000 by the end of 2023 and hit $120,000 by the end of next year. Besides, the CPI reading came out at 3.1%, which was below the previous one (4%). This, however, made Bitcoin retrace to the $30,350 price mark.
“Under the radar metrics” hint at upcoming ETH surge
One of the hints as to the future of Ethereum’s rise, per the Santiment report, is that traders have turned their attention away from ETH, “bored by its middling price action,” now intensely watching the XRP and LINK prices soaring.
Santiment says that many altcoins begin to grow well as soon as traders become distracted from them by other assets in the market.
Another major sign of a price bottom for Ethereum is traders starting to increase their transactions at a loss compared to those while at a profit. Price bottoms are often followed by buyers starting to outnumber sellers and the price going up again. Besides, a lot of Ethereum coins at the moment, per Santiment, are kept in cold wallets, and less than 7% of circulating ETH is stored on exchanges.
Overall, Santiment analysts believe that at some point in August, Ethereum may well reclaim the $2,000 level and rise higher.
This article was originally published on U.Today
