Ethereum Targets $2,000 Bounce: Santiment Predicts August Rally Amid ‘Eerily Quiet’ Market
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Nestled in the second position of the cryptocurrency market cap hierarchy, ethereum (ETH) currently trades below the $1,900 per unit mark. However, the industry experts at Santiment predict a bullish upturn, indicating that the digital asset might claw its way back to the $2,000 territory in the coming month. In Santiment’s view, ethereum is reveling in its “under the radar” status, and researchers suggest while ether’s market performance has been lackluster, “patience tends to reward.”
‘Under the Radar,’ But Not For Long, Santiment Report Suggests
Similar to bitcoin (BTC) prices, ethereum (ETH) markets have been rangebound and have traded between the $1,830 mark and the $2,000 per unit range since the end of June. Furthermore, like BTC being stopped at the $31K mark, ETH prices have also been pushed back after reaching $2,130 in April 2023.
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On Saturday, July 22, 2023, ETH has been trading for prices between $1,885 and $1,905 per unit and the price has lost 2.7% over the past seven days. In a report published on July 21, Santiment analysts suggest ETH could climb back above the $2K range by next month.
“Ethereum is sitting rather quietly at $1,895 while XRP and Chainlink have been grabbing headlines as of late. Our latest insight takes a look at the under the radar metrics that could be very well hinting at an ETH return above $2,000 and beyond,” Santiment said in a tweet.
Santiment points to the recent XRP price rise and details that “several backtests” reveal that numerous altcoins do well when “traders are distracted by the other shiny assets on the block at the time — And right now, that shiny asset is XRP.”
Moreover, Santiment talked about a “potential upcoming price bottom” and noted that panic sales could “come pouring in” to justify buys. Santiment also discusses address activity and the fact that ether tokens are “overwhelmingly being kept in self custody.” Santiment states:
With less than 7% of coins on exchanges, the likelihood of huge sell-offs occurring remains lower than usual. This should be considered one of the best long-term bodes of confidence for the asset that had a somewhat disappointing halving (as far as price is concerned) in September, 2022.
Analysts at Santiment have noted an atypical calm within the Ethereum community. They suggest that this phenomenon often arises when the cryptocurrency sector’s focus shifts to other leading assets like XRP and LINK. “Patience tends to reward, and we see no reason why ETH can’t make a move to get back above $2,000 sometime in August, or even before the new month hits,” the Santiment analysts wrote in their conclusion.
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