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In a recent tweet, on-chain data aggregator Santiment touched on the topic of Ethereum, the second largest cryptocurrency, hit a seven-month high on Sunday. The analysis team of the company believes Ethereum can potentially surge higher than $2,000 and explained why.
Ethereum exceeding $1,840, door is open to $2K+
Vitalik Buterin's brainchild coin has surged above the $1,840 level for the first time since mid-August last year, marking a seven-month high. As it happened, Santiment points out, the Ethereum network has not heated up or made any significant barriers for further transactions, even though the demand for those has been high. As the price went up, the ETH gas fee dropped to under $2 per transaction.
The analytics team of Santiment believes that this is a bullish sign for ETH, and the coin has "a door open to $2,000 and beyond."
🤑 #Ethereum's price hadn't eclipsed $1,840 since August 18th. Despite this 7-month high, the network hasn't appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that $ETH has a door open to $2k and beyond. https://t.co/BRPXA48BUq pic.twitter.com/0J5teo4Rh9
— Santiment (@santimentfeed) March 20, 2023
Ethereum rose to the aforementioned high between Friday and Saturday, adding slightly over 7%. Over the weekend, the price reduced by around 3.64% and then went up to regain the $1,840 mark.
Arman ShirinyanAt the time of this writing, Ethereum is changing hands at $1,767.
Prior to that, last week, ETH made the biggest gain of approximately 17% in total for the first time in 250 days after the market turmoil that followed the depegging of USDC stablecoin and the closure of Silicon Valley Bank, one of the few large U.S. banks that have gone broke recently. Prior to SVB, Silvergate Bank discontinued its operations and started looking for buyers. After SVB, Signature Bank went down. All three of these banks collaborated with crypto-focused businesses and exchanges.
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