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According to Santiment, Ethereum Has Been Showing Positive Sentiment Since May. What Will Happen Next?

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Tue, 07/27/2021 - 14:34
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Alihuseyn Gulu-Zada
Santiment: "Ethereum is showing its most positive sentiment right now since mid-May"
According to Santiment, Ethereum Has Been Showing Positive Sentiment Since May. What Will Happen Next?
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In its latest analyst report, on-chain platform Santiment touched on the Ethereum chart. More precisely, we are talking about the recent price fluctuations of the second cryptocurrency and their impact on whales.

The positive sentiment continues

According to the information provided, Ethereum's sudden jump in mid-summer above the $2,400 mark brought the bulls out of the woodwork.

The think tank also added that the second cryptocurrency is showing the most positive sentiment since mid-May.

Note that whales continue to accumulate ETH in their wallets. Previously, Santiment reported that ETH reserves in whale wallets reached a five-year high amid the outflow of altcoins from cryptocurrency exchanges and a local price rally.

According to the data, 10 non-exchange wallets reached a five-year high in cryptocurrency volumes in July. Interestingly, users are increasingly withdrawing a second cryptocurrency for trading on DeFi platforms.

Related
Ethereum Held by Whales Has Fallen to Its Lowest Volume since 2015: Santiment

Price fluctuations

Recall that, the other day, Ethereum began serious upward movement, overcoming the $2,000 resistance, similar to Bitcoin. The price of ETH rose above the $2,250 resistance and the 100-hour simple moving average.

However, this generated a lot of interest from sellers near the $2,400 and $2,450 levels. A high near $2,431 was formed before the price began a downward correction. There was a major decline below the $2,320 and $2,250 support levels.

ETH Santiment 3 day

Recent data

The Ethereum price even broke through the 61.8 percent Fibonacci retracement level with an upward move from the low of $2,110 to the high of $2,431.

In addition, on the hourly chart of ETH / USD there was a break below the main bullish trend line with support around $2,200. The price is now (as of press time) trading around $2,300.

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.