Ethereum Signals Bullish Rebound as On-Chain Metrics Improve: Santiment Sets $2,500 Price Target Amid Market Recovery

Ethereum (ETH), the second most valued cryptocurrency by market cap, is flashing positive green signals. Santiment Feed, a leading cryptocurrency analytics platform, spotted the recent development.

In a recent tweet, Santiment revealed that there had been a drop in the asset’s supply across cryptocurrency exchanges. A significant amount of the total supply of Ether has dropped to an all-time low.

Notably, network fees on the Ethereum blockchain have become even more attractive. On-chain metrics reveal that the average fee charges had returned to levels last seen 16 months ago, right before the asset price surged past the $2,000 price. Santiment explains in a tweet.

Even though Ethereum has been unable to maintain the $1,900 level for now, the supply level continues moving away from exchanges. Additionally, average fees are back to levels last seen in March just before the ETH price ascension to $2,100.

💸 Even though #Ethereum has been unable to maintain the $1,900 level for now, the level of supply continues moving away from exchanges. Additionally, average fees are back to levels last seen in March just prior to the $ETH price ascension to $2,100. pic.twitter.com/637TA0cCT4

— Santiment (@santimentfeed) June 22, 2023

After recording a mild dip, Ether attempts to reclaim the $1,900 price

Ether first made a comeback in June after Bitcoin saw a boost in price value as it tested the $30,000 price mark. Wrote Santiment.

“Powered by Bitcoin’s jump back above $28.8k & Ethereum’s return above $1,820, price pumps are being seen market-wide. Based on Santimentfeed’s coverage of 2,648 crypto assets, volume is 30.2% higher than the past week & discussion rates are up big”

The market would later go on the record of a collective price dip as many altcoins, including Ether, saw a massive price decline.

During this report, Ether, like many other altcoins, has left the red zone, although the altcoin is still nursing losses from the last 24 hours.

As Santiment recently stated, the asset still needs to sustain momentum around the $1,900 price. However, addresses outside cryptocurrency exchanges have continued to grow. Meanwhile, supply on exchanges has dropped by nearly 10%.

“Ethereum is volatile today as bulls and bears battle around $1,900. The largest non-exchange addresses, in the meantime, continue getting richer while the top exchange addresses are near genesis levels. ETH supply on exchanges is down to 9.2%.” the on-chain analytics platform wrote.

🐂🐻 #Ethereum is volatile today as #bulls and #bears battle around $1,900. The largest non-exchange addresses, in the meantime, continue getting richer while the top exchange addresses are near genesis levels. $ETH supply on exchanges is down to 9.2%. pic.twitter.com/ffRYUgU94y

— Santiment (@santimentfeed) June 26, 2023

At report time, Ether is trading at $1,848 after securing a 0.09% gain over the last 1 hour. Weekly gains are still above 5% despite the price dip from the previous 24 hours. On the other hand, Bitcoin has successfully retested the $30,000 price mark.

The apex cryptocurrency crossed $30,000 earlier this month and lost stability before making a comeback. Market players have taken to Twitter to share their sentiments on the recent development. Key players claim that the bounce back can be attributed to most ETFs adding new trader exposure.