Popular on-chain data aggregator Santiment tweeted that its experts have found indications that Ethereum, the second-largest cryptocurrency, may soon start increasing and regaining its position above the $2,000 mark.
The tweet included a link to their report. Since everyone has been paying attention to the amazing ascent of XRP and LINK, Santiment said that the calm preparation of ETH for a surge has gone mostly overlooked up to this point. Over the previous few days, the latter has been rising.
Ethereum’s recent price performance
Since peaking at $2,132 in the middle of April, Ethereum has behaved quite subtly, avoiding public attention. When word broke that BlackRock and other significant Wall Street firms had filed for BTC spot ETFs with the SEC in the middle of June, Bitcoin skyrocketed. As a result, Ethereum also jumped, from a low of $1,650 to a high of $1,890.
On July 12, Ethereum printed a jumble of lengthy green candles, followed by a few red candles. It then increased 8.07% and momentarily reached the $2,025 mark. The subsequent decline has now increased to 6.71%, with ETH currently trading at $1,888 on the Bitstamp platform.
That day, ETH once again followed Bitcoin when the British banking juggernaut Standard Chartered predicted that BTC may skyrocket to $50,000 by the end of 2023 and surpass $120,000 by the end of the following year. In addition, the CPI reading, which was 3.1%, was lower than the prior figure, which was 4%. However, this caused Bitcoin’s price to retrace to $30,350.
“Under the radar metrics” hint at upcoming ETH surge
According to the Santiment research, one indication of Ethereum’s future growth is that traders have diverted their focus away from ETH because they are “bored by its middling price action” and are instead paying close attention to the XRP and LINK values as they skyrocket.
According to Santiment, many altcoins start to flourish as soon as traders stop paying attention to them in favour of other market assets.
Another key indicator of a bottoming out of the price of Ethereum is when traders start to raise their losses-incurred transactions relative to gains-incurred transactions. Following price bottoms, the price frequently starts to increase as buyers begin to outweigh sellers. Additionally, according to Santiment, a large percentage of Ethereum tokens are now housed in cold wallets, and exchanges only house about 7% of the total amount of circulating ETH.
Overall, according to Santiment experts, Ethereum may very possibly retake the $2,000 barrier and move higher at some point in August.
