The cryptocurrency market has started to rise again with the announcement of Grayscale winning the SEC case. Ethereum (ETH) managed to surpass the $1700 level after its recent price increases. Crypto analysis platform Santiment evaluated the latest situation in Ethereum and shared current data and critical metrics.
The cryptocurrency market has started to rise again with the announcement of Grayscale winning the SEC case. The leading cryptocurrency Bitcoin (BTC) has surpassed the $27,600 price level with its recent price increases. The market’s rise has caused most cryptocurrencies to turn their direction upwards. The total market value of the crypto ecosystem has reached $1.09 trillion, according to CoinMarketCap (CMC) data.
With the recorded increases in a few hours, the volatility in the cryptocurrency market has also increased. According to Coinglass data, over $100 million worth of short and long positions were liquidated in the past 24 hours.
After the announcement of the news, Ethereum (ETH) also quickly rose. After testing the $1700 level multiple times within the last week but falling back from the $1690 level, ETH recorded an average 4% increase in value in a few hours, reaching the $1700 level and reaching $1730 during the day.
Current Data Indicates Which Direction for ETH
The crypto analysis platform published a report evaluating the recent situation in Ethereum while the value loss in ETH accelerated during the morning. Santiment, who shared their report on Ethereum’s current situation with a short note on Twitter, shared the current data, claiming that the metrics did not give worrying signals.
Despite the ongoing value loss and relatively low price performance compared to many other cryptocurrencies, according to the data shared by Santiment, several indicators, especially development activity, continue to remain at high levels for Ethereum. However, there has been a decrease in the amount of ETH held by addresses referred to as “whales” that hold significant amounts of crypto assets in their portfolios. According to Santiment’s data, the supply held by addresses holding between 10 and 10,000 ETH in their portfolios has been steadily decreasing in recent periods.
Disclaimer: This article does not contain any investment advice. Investors should be aware that cryptocurrencies carry risks due to their high volatility and should conduct their transactions based on their own research.
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