According to Santiment, This Data Has Been Determining the Ethereum (ETH) Price for the Last Two Months! What's Next for Ethereum?
Bitcoin (BTC) and altcoins experienced a major crash in October, contrary to bullish expectations. After fluctuating throughout the month, BTC and altcoins failed to achieve a strong rally.
At this point, the largest altcoin, Ethereum (ETH), also fell to $3,700 in a decline triggered by the hawkish statements of FED chairman Jerome Powell.
While investors' panic selling and short positions were influential in this decline, ETH is having difficulty holding the psychological level of $4,000.
While there is speculation about whether Ethereum will continue to decline, cryptocurrency analysis platform Santiment noted that the growing expectation of a downward trend could signal a potential price recovery.
In its latest analysis, Santiment said that Ethereum's supply on exchanges has reached unusually low levels.
In addition, Santiment stated that a large amount of short positions have accumulated in ETH, and that these create favorable conditions for a potential upward movement for the ETH price, similar to previous market cycles.
At this point, Santiment suggested that the growing expectation of a bearish trend in Ethereum could signal a potential price recovery.
“Ethereum has fallen to $3,700 and investors are showing signs of panic.
According to data from the last 2 months, funding rates on exchanges determine where the ETH price will go.
At this point, when the ETH market is dominated by large long positions (greed), the price tends to experience a correction.
Conversely, when ETH is dominated by large short positions, the probability of a price jump is high.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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