Crypto Analytics Firm Santiment Bullish on Ethereum’s Potential Upside
Crypto analytics platform Santiment believes that Ethereum (ETH) could experience significant growth based on several under-the-radar metrics. According to Santiment’s director of marketing, Brian Quinlivan, one of the key indicators is the profit-to-loss ratio of on-chain transactions. While the current ratio is in a positive zone, even a marginal drop could trigger high demand and an upward move. Another bullish signal is the low supply of Ethereum on exchanges, which is below 10%. This suggests that large sell-offs are less likely to occur. Furthermore, the recent transition of Ethereum from a proof of work to a proof of stake consensus mechanism is also seen as a positive development. With these metrics in mind, Quinlivan believes that Ethereum has the potential to surpass the $2,000 mark in August or even earlier.