Santiment experts predict that Ethereum, the second kind of digital asset, may rebound and push it to more than $2000 next month.Positive indicators have enhanced people's confidence in the growth of Ethereum
- Santiment experts predict that Ethereum, the second kind of digital asset, may rebound and push it to more than $2000 next month.
- Positive indicators have enhanced people's confidence in the growth of Ethereum.
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In the developing world of Cryptocurrency, Ethereum continues to maintain its position as the second largest digital asset by market value. Although the current trading price is below $1900 per unit, industry experts at Santiment expect a bullish outlook and ETH may return to the coveted $2000 area next month.
Santiment thinks that Ethereum may break through the resistance soon
Although the market has performed poorly recently, Santiment said that Ethereum is intoxicated with its "low-key" state and usually benefits from patient investors who see the long-term potential of the asset. Similar to Bitcoin (BTC), ETH prices have fluctuated between $1830 and $2000 per unit since the end of June. The digital asset previously reached $2130 in April 2023, but encountered resistance and fell back.
As of July 22, 2023, the trading price of ETH was between $1885 and $1905 per unit, a decrease of 2.7% over the past seven days. However, Santiment's analysts maintained an optimistic attitude in the latest report, and predicted that Ethereum might rise to above the $2000 range in the near future.
The current focus on other leading assets such as XRP and Chainlink may lead Ethereum to maintain a "quiet" position of $1895. Santiment suggests that when traders are attracted by these "shiny assets" in the market, certain counterfeit coins often perform well. However, analysts stressed that this interference was only temporary, and the basic indicators of Ethereum indicated a strong recovery.
A key factor for the optimistic outlook of ETH is the recent rise in XRP prices. Santiment stressed that in such a period, as traders shift their attention, counterfeit coins, including Ethereum, tend to flourish. In addition, Santiment pointed out that the price of Ethereum may be near the bottom, which may attract panicked sellers to seek to justify their purchase decisions.
Positive indicators enhance people's confidence in Ethereum's growth
The address activity in Ethereum network is also regarded as a positive signal. Most Ethereum coins are self hosted, with less than 7% of tokens present on exchanges. This lower exchange rate balance indicates a lower likelihood of a significant sell-off, which enhances confidence in the long-term potential of the asset.
Santiment's analysts emphasized the atypical calm in the Ethereum community, which indicates that this phenomenon often occurs when the focus shifts to other leading assets such as XRP and Chainlink. They reiterated the importance of patience when investing in Ethereum, because history shows that this approach usually pays off in the encryption market.
Considering the potential factors that may promote the recovery of Ethereum, Santiment expects ETH to break through the US $2000 mark in August or even earlier. Although the Cryptocurrency market is still unstable in nature, the fundamentals of Ethereum seem to provide a solid foundation for growth. With the continuous development of Cryptocurrency and attracting the attention of global investors, Ethereum is still an important participant.
With the support of an active and dedicated community and the continuous development of its ecosystem, Ethereum has a promising future and is supported by the goal of potential recovery and recovery of the price level of $2000. Investors and enthusiasts are eagerly paying attention to digital assets and eagerly waiting for the next stage of Ethereum's journey in the field of encryption.
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