Ethereums Bullish On-Chain Signals Ignite Market Recovery: Santiment

By Lola Coin Jun 25, 2023103Views

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Crypto market analytics firm Santiment has identified bullish on-chain signals for Ethereum (ETH) as the altcoin rebounds. Santiment notes that the supply of ETH on exchanges as a percentage of its total supply has reached an all-time low, suggesting limited sell-off pressure as market participants move their ETH holdings away from the open market. In addition, ETH’s average transaction fees have fallen to levels last seen before the altcoin’s price surge in 2023, making them more attractive. As of now, ETH is trading at $1,880, a 15% increase from its June low. Santiment also highlights Bitcoin Cash (BCH), which has seen a surge in price and social media discussion after receiving support from EDX Markets, a digital asset marketplace backed by prominent financial institutions. BCH is currently valued at $213.47, up almost 120% from its June low.

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