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 . The latter has been going up over the past few days.
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 (OTC:SCBFF) 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.
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.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
