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Popular on-chain data aggregator Santiment has published a tweet, saying that their analysts have noticed signs that the second largest cryptocurrency, Ethereum, 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 LINK. The latter has been going up over the past few days.
📊 #Ethereum is sitting rather quietly at $1,895 while #XRP and #Chainlink have been grabbing headlines as of late. Our latest insight takes a look at the under the radar metrics that could be very well hinting at an $ETH return above $2,000 and beyond. https://t.co/5TKfhncwA4 pic.twitter.com/cdNgTUtMED
— Santiment (@santimentfeed) July 21, 2023
Ethereum's recent price performance
Since rising to the $2,132 high in the middle of April, Ethereum has remained under the radar, behaving rather quietly. In the middle of June, Ethereum benefited from the rise of Bitcoin, which surged on the news of BlackRock 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 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.
Tomiwabold Olajide
Arman Shirinyan
Godfrey Benjamin
