Ethereum and Altcoins Associated With ETH May Witness Rallies Sooner Than Expected, According to Santiment

Crypto analytics firm Santiment thinks that Ethereum (ETH) and altcoins related to the top smart contract platform will leave many traders on the sidelines.

Santiment says it is keeping a close eye on Ethereum’s average transaction fee, which nosedived to its lowest level since October 18th, 2023.

Buy physical gold and silver online

According to the analytics firm, the slumping gas fee is a solid signal that Ethereum is in the midst of carving a local bottom.

“Ethereum’s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th.

Traders historically move between sentimental cycles of feeling that crypto is going ‘To the Moon’ or feeling that ‘It Is Dead,’ which can be observed through transaction fees. These fees will tend to peak (and sometimes diverge) around price tops, and go back to its resting state around price bottoms.

With markets mainly retracing over the past six weeks, the lack of demand and strain on the network may help turn ETH and associated altcoins around sooner than many may expect.”

Image
Source: Santiment/X

At time of writing, Ethereum is trading for $3,218, up over 13% from its April low of $2,832.

Looking at altcoins operating in the Ethereum ecosystem, Santiment notes that a couple of coins are already showing signs of strength.

“Liquid staking assets have benefited from a nice mini-run this weekend. Of the 17 key assets that we track for this sector, the market caps have increased by a combined +5.0% despite choppy market conditions: LDO (+5.2%) and RETH (+5.9%) lead the way.”

Image
Source: Santiment/X

At time of writing, Lido DAO (LDO) is trading for $2.15 while Rocket Pool ETH (RETH) is worth $3,547.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Ethereum and Altcoins Associated With ETH May Witness Rallies Sooner Than Expected, According to Santiment appeared first on The Daily Hodl.

About the author

Why invest in physical gold and silver?
文 » A