E Point Perfect

Ethereum Reclaims $1,375, Left to Rise with Much Less Resistance: Santiment


article image

Yuri Molchan

As ETH has surged back to late September high, traders have turned their attention to other altcoins


Santiment data aggregator has commented on the recent Ethereum price rise, which took the second largest crypto back to the highs it saw at the end of last month.

However, according to the report, now Ethereum is left to grow with much less resistance.

Ethereum retakes $1,375

After hitting a low of $1,274 on Oct. 3, Ethereum has managed to recapture the $1,381 level, hitting this high earlier today. Still, despite the price surge, crowd interest in Ethereum has faced a massive drop.

Santiment believes that high interest from traders signifies future price drops, while the opposite situation, when interest is low, is likely to cause a bounce in the future.


Now, the tweet adds, ETH is left to rise with much less resistance and expectation than it usually faces.

70K new ETH wallets emerging daily

Another tweet published by Santiment stated that the network has been seeing a large inflow of new investors recently. Thus, roughly 70,000 new wallets have been emerging on Ethereum every day; this is the highest number seen since August.

Besides, after the long-expected Merge upgrade that occurred on Sept. 15, causing uncertainty and becoming a sell-the-news event and pushing the price down significantly, the supply of Ethereum held by digital exchanges has fallen back to its previous lows of 14.6%.


Source link

Related posts

NFT Rug Pull Artist Behind MAYC Copycat Charged by US Authorities

Another Ripple Ally Wants to File Amicus Brief

Bitget Exchange Announces Prediction Tournament for FIFA World Cup 2022 Fans

Shiba Inu’s BONE up 10% as Price Gains Ground Against BTC and ETH, Here’s Why

Massive Amount of Ethereum Whales Returned to Market After 15% Price Spike

Binance Buying FTX, FTT Price Surges