Santiment, a well-known crypto market insights provider, has released its latest report on the state of the market. The report aims to identify whether the market is currently in a FOMO stage or is in the early stages of a breakout. According to the report, there have been several divergences in the market that have led to a temporary pause in the growth of Ethereum (ETH), the altcoin leader. These divergences suggest that the market’s appetite for risk has been relatively low.
The report stated that some members of the crypto community are forecasting a drop in the price of ETH, while others are still waiting for ETH to break above $2k and for Bitcoin (BTC) to breach $32k. Santiment’s insights also mentioned that a similar pattern was observed in the “wealthy holders behaviour map,” which showed that whales had been reducing their BTC positions until recently.
However, the report added that this trend has changed following the break of ETH’s price above $2k and the successful implementation of the “Shapella fork.” ETH’s price continues to trade above the $2k mark at press time according to CoinMarketCap. Currently, ETH’s price stands at $2,096.10 following a 0.52% loss in the last 24 hours. Despite weakening against the U.S. Dollar, ETH was able to gain on BTC in the last 24 hours and is up 0.79% against the market leader.
The report also highlighted that the recent increase in funding rates, as well as a consensus among video “influencers” that this current relief rally will result in new all-time highs, may be a signal that the market is approaching a top. However, readers must do their own research and due diligence before taking any action. The views and opinions, as well as all the information shared in this price analysis, are published in good faith.
It is worth noting that the crypto market is highly volatile, and predictions can easily go awry. The recent report by Santiment provides valuable insights into the current state of the market, but investors should not make any investment decisions based solely on this report. It is important to conduct thorough research and analysis before making any investment decisions in the crypto market.