Recently published on-chain data shows reason why Ethereum price has jumped back above $1,330
Sentiment, an on-chain data aggregator, has commented on the price jump of Bitcoin and Ethereum on December 13; Both major cryptocurrencies have returned to their higher levels for the first time since the FTX bankruptcy announcement in early November.
That event was a major bearish driver, pushing Bitcoin and the whole cryptocurrency market way down.
Ethereum returns to $1,330 for the first time in months
According to Sentiment’s analytics team, Ethereum, the second largest crypto by market cap value, has managed to reclaim the $1,335 high for the first time since early November.
Also, Ethereum’s utility has soared to the highest level since May 2021. Santiment says that this is good since since the surge in the activity of ETH wallets in this case is likely not caused by regular profit-taking opportunities on the market.
BTC and ETH: “Traders Excited to Buy”
Sentiment also shared a chart showing that after rising total social volume for two of the largest cryptos, Bitcoin and Ethereum, prices reversed there and hit five-week highs each.
The euphoria that reared its head, while fear stayed low, created a “FOMO top signal” (FOMO means “fear of missing out”).
For prices to move higher, Sentiment said in a tweet, traders’ enthusiasm (and the bars showing it on the chart) should remain high, while fear remains low.
At the time of this writing, Bitcoin is changing hands at $17,825 after briefly reaching $18,000 earlier today on the CPI report of inflation rising 7.1% instead of the 7.3% expected by analysts. Ethereum is going for $1,323.
