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Ethereum Aims for $2,000 Rebound: Santiment Forecasts August Rally in a Quieter Market
Ethereum (ETH), currently holding the second position in the cryptocurrency market cap, is presently trading below $1,900 per unit. However, industry experts at Santiment predict a bullish upturn, suggesting that the digital asset may climb back to the $2,000 territory in the coming month. Santiment views Ethereum’s current status as “under the radar” and researchers propose that while ether’s market performance has been lackluster, patient investors may be rewarded.
Santiment’s report suggests that Ethereum’s current low-key situation won’t last long. Similar to bitcoin (BTC) prices, ETH markets have been trading in a range between $1,830 and $2,000 per unit since the end of June. Back in April 2023, ETH reached $2,130 but faced resistance and was pushed back.
As of July 22, 2023, ETH has been trading between $1,885 and $1,905 per unit, experiencing a 2.7% loss over the past seven days. However, Santiment analysts, in a report published on July 21, believe that ETH could potentially climb back above the $2,000 range next month.
Santiment points out the recent rise in XRP’s price and explains that historically, many altcoins perform well when traders are focused on other prominent assets, like XRP. The report also suggests the possibility of a “potential upcoming price bottom” and speculates that panic sales may result in buying opportunities. Address activity is also mentioned, with Santiment noting that the majority of ether tokens are held in self-custody, making significant sell-offs less likely.
Analysts at Santiment observe an unusual calm within the Ethereum community, which often occurs when attention shifts to other leading assets like XRP and LINK. They express confidence that patience could be rewarded, envisioning a move by ETH to surpass $2,000 sometime in August, or even before the new month begins.
As we navigate these tranquil waters, what do you think about Ethereum’s trajectory? Do you share Santiment’s confidence in an August rebound above $2,000? Feel free to share your thoughts and opinions on this matter in the comments section below.
Frequently Asked Questions (FAQs) about Cryptocurrency
What is the prediction for Ethereum’s price in August 2023?
Santiment predicts a bullish upturn for Ethereum (ETH) and suggests that the digital asset might climb back to the $2,000 territory in August 2023.
How has Ethereum’s market performance been recently?
Ethereum’s market performance has been lackluster, trading between $1,830 and $2,000 per unit since the end of June 2023.
Why does Santiment believe Ethereum could rebound?
Santiment points to the recent rise in XRP’s price and historical data suggesting that altcoins perform well when traders are focused on other assets. They also mention the potential for a price bottom and low likelihood of significant sell-offs due to self-custody of ether tokens.
What is the current trading price for Ethereum?
As of July 22, 2023, Ethereum is trading between $1,885 and $1,905 per unit.
How confident is Santiment in Ethereum’s potential rebound?
Santiment’s analysts express confidence in Ethereum’s rebound, stating that “patience tends to reward” and envisioning a move above $2,000 in August 2023 or even earlier.
1 comment
eth market dull, bt i trust Santiment. they kno stuff, eth wil rise. hodl!