“On-Chain Activity Suggests Potential Short-Term Price Boosts for Ethereum (ETH) and Two Altcoins, as Analyzed by Santiment”
Santiment, the cryptocurrency analytics firm, has observed on-chain data indicating that Ethereum (ETH) and two alternative cryptocurrencies may be poised for short-term price rallies. According to Santiment, traders for ETH, Shiba Inu (SHIB), and SushiSwap (SUSHI) displayed “mild signs of panic” on a recent Thursday.
The analytics firm highlighted that all three networks exhibited some of the highest levels of trader losses compared to profits in 2023. Santiment views these loss-taking indicators as significant capitulation signals, typically signaling a short-term rebound opportunity.
As of the time of writing, ETH is trading at $1,648, experiencing a nearly 2% increase in the past 24 hours.
SHIB, positioned as a rival to Dogecoin (DOGE), is trading at $0.000007, with a 0.67% gain in the past 24 hours, making it the 19th-ranked asset by market capitalization.
SushiSwap, a multi-chain decentralized exchange (DEX), saw its native asset, SUSHI, trading around $0.578, marking a more than 3% increase in the past 24 hours.
Santiment also noted that traders are showing bullish sentiment toward Ethereum’s competitor, Avalanche (AVAX), owing to the buzz surrounding the recently launched Friend.tech challenger, Stars Arena, a decentralized social finance application (SocialFi) on the AVAX blockchain. The analytics firm pointed out that the launch of Stars Arena has resulted in an “injection” of new AVAX address activity.
As of the time of writing, AVAX is trading at $10.66, enjoying nearly a 5% increase in the past 24 hours and ranking as the 21st crypto asset by market capitalization.