Ethereum (ETH) Set To Rally Once This Bullish Signal Starts Flashing, Says Crypto Analytics Firm Santiment

Ethereum (ETH) Set To Rally Once This Bullish Signal Starts Flashing, Says Crypto Analytics Firm Santiment

Crypto analytics firm Santiment reveals a factor that could foreshadow the start of a bullish phase for Ethereum (ETH).

Saniment said that Ethereum volume on exchanges has increased and a drop in it would signal the start of a bull cycle.

“Ethereum saw its supply held by major exchange addresses rise, which makes sense as traders dumped their holdings on major exchanges in the fall of 2022. Watch for a drop in major ETH exchange addresses as a signal bullish.

According to Santiment, the amount of Ethereum held on the top ten crypto exchanges is now over seven million, a figure last seen in May 2021.

Saniment said that the ratio of Ethereum held outside of crypto exchanges to Ethereum held on exchanges hit a one-year low.

Source: santimentfeed/Twitter

Crypto analytics further said that the reason the transaction fees for the second-largest digital asset by market capitalization have remained low is due to the limited number of Ethereum in circulation.

“Ethereum transaction fees have remained ultra-low despite the surge in prices since mid-June. fees remain reasonable until some degree of fear of missing out manifests in the crowd.

According to Santiment, Ethereum transactions cost less than $1 on average.

Source: santimentfeed/Twitter

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