Santiment has shared data that shows which prerequisites occurred before Ethereum recovered above $3,100
On April 13, the price of the second biggest cryptocurrency, Ethereum, staged a comeback ເໜືອ ລະດັບ $ 3,000 from the $2,950 zone. ETH then moved on to recover at the $3,140 mark.
According a recent tweet by Santiment, its metrics show that when ETH reached the bottom, traders started a heavy selloff, which was a major sign for a coming rebound.
? # ອີເທີມູນຄ່າຕະຫຼາດຂອງແມ່ນກັບຄືນໄປບ່ອນຂ້າງເທິງ $ 3,100 ຫຼັງຈາກ bottoming ອອກຢູ່ທີ່ $ 2,960 ເພື່ອເລີ່ມຕົ້ນອາທິດ. ອັດຕາສ່ວນຂອງ On-Chain Tx ໃໝ່ຂອງພວກເຮົາ. ປະລິມານໃນອັດຕາສ່ວນກໍາໄລ / ການສູນເສຍເປີດເຜີຍວ່າ $ ETH ພໍ່ຄ້າໄດ້ຂາຍຢູ່ທາງລຸ່ມ, ເປັນສັນຍານທີ່ເຂັ້ມແຂງຂອງ bounce upcoming. https://t.co/HtF42wNOiD pic.twitter.com/o9UffvxkuU
- Santiment (@santimentfeed) ເມສາ 13, 2022
As covered by U.Today recently, the former CEO of the BitMEX exchange, Arthur Hayes, believes that later this year, the two largest cryptos by market cap—Bitcoin and Ethereum—are going to plunge as they are strongly correlated with the Nasdaq 100 index.
ລາວຄາດຫວັງ ETH to decline to $2,500 by June and Bitcoin to start testing $30,000 before Q3 of 2022 begins.
This summer, however, the biggest Ethereum upgrade, “Merge” is expected to take place, not confirmed so far. This is another name for Ethereum 2.0, which will let the blockchain shift to a Proof-of-Stake model from PoW, make it more enviromentally friendly and greatly reduce its circulating supply.
ຍ້າຍໄປ PoS is being stress tested now in the first shadow Ethereum fork, per ETH developer Marius van der Wijden.
Billionaire Mark Cuban, a recently turned crypto fan, has commented that he feels “very bullish” on the upcoming implementation of the “Merge.”
By now, the second largest crypto has taken a small dip, trading at $3,082 per coin.
Source: https://u.today/heres-what-portended-ethereum-bounceback-above-3100-santiment