The Santiment analytical platform says Ethereum investors should be cautious in the short term.
Santiment on ETH
In a new thread on Twitter Santiment notes that the ETH rate has gone up too far and too fast.
“The average Ethereum returns for traders over the past month have been exceptional (+23.98%) (…). The problem is that they were too special. Our MVRV metrics show that 30 day returns for ETH buyers are at their highest since Feb.14 and 90 days returns (+47.93) are at their highest since Feb.18. “
– says the company.
2) at their highest since 2/14, and 90-day returns (+47.93) are at their highest since 2/18. Even though the price of $ ETH has risen exponentially since its public market trading 5 years ago, the metric, just like for all assets, hovers around 0% due to non-optimal trading
– Santiment (@santimentfeed) August 3, 2020
Now, Santiment expects to snatch ETH from weak hands. However, this is a short-term forecast. In the long term, the price of ETH is expected to continue to rise.
Another interesting project
Meanwhile, Santiment points to a certain low-cap decentralized cryptocurrency. Ampleforth (AMPL) is a new type of cryptocurrency that tries to achieve a balance between prices and supply. According to the official document, the supply of AMPL increases or shrinks every 24 hours depending on the price of the token.
Santiment says this unique use case appears to be grabbing the attention of cryptocurrency investors and the sentiment for it is visible on social media and is “Extremely positive”. The latter is said to be clearly strengthening.
In addition, Santiment believes the whales accumulate more coins, despite the fact that AMPL has declined in the past few days.
Today, for 1 BTC on the exchanges, you pay USD 11,700, which translates into a 2.5 percent price jump. on a daily scale. In turn, the ETH somehow stopped. The rate is “only” $ 395, which is almost the same as yesterday. It is possible that this is an introduction to correction.
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