According to data from the market intelligence website Santiment, Ethereum’s (ETH) price may rise swiftly. It appears that ETH is one of the high cap cryptocurrencies that merchants are currently growing frustrated with, according to a Twitter post made by the platform earlier today.
According to Santiment, there are more transactions on ETH where addresses are selling tokens for less than they originally cost. The article also stated that a price bounce for ETH is typically anticipated when wallets are disposing of their money at lower costs.
Prior to the uptick in confidence surrounding the Grayscale vs. SEC situation, the primary cryptocurrency and many other cryptocurrencies had a value decline during the market collapse. According to information mostly obtained from CoinMarketCap, the value of ETH has decreased by 0.60% over the last 24 hours of buying and selling.
As a result, ETH’s value was $1,706.01, putting it just above its 24-hour high of $1,721.62 and just below its daily low of $1,697.15. At the time of publication, the total amount of ETH bought and sold during this 24-hour period was around $4,475,806,254, a decrease of more than 60% from yesterday.
On its daily chart, ETH was trading between the 9-day and 20-day EMA traces from a technical standpoint. It might advance to $1,850 the following week if it is able to close each day’s candle above the 20 EMA line at about $1,715.42 in the coming 48 hours.
The bullish argument will be refuted if the price breaks below the $1,690 support level over the next 48 hours. In this case, the primary altcoin’s value may be susceptible to falling once more over the course of the next few days to the crucial support level at $1,580.