Market intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH), suggesting a recovery in the digital asset market could be on the horizon.
In a new post on social media platform said.
“Ethereum whale activity surged to a six-week high as the price fell to $2,380 on Friday. Historically, this is a sign of accumulation by major stakeholders in large capital. There is no guarantee that the spike in prices will have an immediate impact, but it is encouraging.”
According to Santiment's chart, 6,428 new ETH wallets were created on October 24th, the highest daily number since September 5th.
The cryptocurrency analysis firm went on to cite several factors that could trigger a potential market rally, including increased FUD (Fear, Doubt, and Uncertainty) and increased attention to meme coins. This suggests that a rebound may occur in the coming days.
“Solana, Zito, Cosmos, and Jupiter have been notable standouts in a week of tumultuous ups and downs for the crypto market. Data shows that while Bitcoin has stalled, memecoins have increased interest levels. It shows that there is.
Assuming the market maintains its dominant trajectory through the end of the week, we would expect sentiment to start reflecting some much-needed FUD, which in turn would signal the beginning of a market rebound. [this] week. “
At the time of writing, Ethereum was trading at $2,498, up 1.9% in the past 24 hours.
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