Ethereum (ETH) still has room to run higher, according to Crypto Analytics Firm Santiment – here’s why
The second largest crypto asset by market capitalization, Ethereum (ETH), has more upside potential, according to analytics platform Santiment.
The cryptanalysis company says that Ethereum is likely to hover above the $2,000 price after hitting a peak seven months ago this weekend.
“Ethereum’s price had not exceeded $1,840 since August 18. Despite this seven-month high, the network does not appear to be heating up and creating notable transaction barriers due to high demand. This is a good sign that ETH has a door open to $2000 and beyond.”
Despite the price jump, Santiment says Ethereum’s transaction fees fell below $2 as ETH hit a seven-month high compared to surging above $8 earlier this month as the second-largest crypto fell to a two-month low.
A Twitter examination conducted by Santiment over the weekend also indicated that there are more people who believe Ethereum will rise above $2,000 first than those who believe it will fall below $1,600 first. Almost 10% of respondents said they see Ethereum rising above $2,000 next, while 5.2% said they see ETH falling below $1,600 next.
On Bitcoin (BTC), Sentiment on says that the March rally is legitimate. According to Santiment CMO Brian Quinlivan, Bitcoin’s rally has coincided with the collapse of the banking sector.
“With the calendar past the halfway mark of March, Bitcoin has gone on a fresh streak, breaking above $27,800 for the first time since June 2022.
So why did prices manage to rise? Well, there were a few different key events in the first half of March.
The most obvious seemed to be the collapse of one of the major US banks, Silicon Valley Bank (SVB). And it appears that this has caused massive ripple effects in the banking sector in general.”
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