Santiment Report: Ethereum Under the Radar, but Not for Long

‘Under the Radar,’ But Not For Long, Santiment Report Suggests

According to a recent Santiment report, Ethereum (ETH) has been trading in a rangebound pattern between $1,830 and $2,000 since June. However, Santiment analysts suggest that ETH could soon break above the $2K range, based on the following key points:

ETH prices have been pushed back after reaching $2,130 in April 2023, similar to BTC’s price movement.
On July 22, 2023, ETH was trading between $1,885 and $1,905 per unit, experiencing a 2.7% loss over the past week.
Santiment points to the recent rise of XRP and states that altcoins perform well when traders are distracted by other assets.
The report also highlights a potential upcoming price bottom, suggesting that panic sales could lead to buying opportunities.
Address activity shows that the majority of ether tokens are being held in self custody, reducing the likelihood of significant sell-offs.

Analysts at Santiment believe that the Ethereum community’s calmness is a positive sign, as attention has shifted to other leading assets. They predict that ETH could surpass $2,000 in August or even before the new month arrives.

Hot Take

While Ethereum has been overshadowed by other cryptocurrencies recently, Santiment’s report suggests that it may soon reclaim its position above $2,000. With altcoins performing well during distraction periods, a potential price bottom, and a majority of ether tokens being held in self custody, the outlook for ETH looks promising. Keep an eye on Ethereum’s movement in the coming weeks, as it could be on the verge of a significant breakout.