Altcoins
Ethereum and ETH-related Altcoins May See Rallies Earlier Than Expected, Says Santiment
Crypto analysis firm Santiment believes that Ethereum (ETH) and altcoins linked to the best smart contract platform will leave many traders on the sidelines.
Santiment says it is closely monitoring Ethereum’s average transaction fees, which have fallen to their lowest level since October 18, 2023.
According to the analytics firm, the drop in gas fees is a clear signal that Ethereum is digging out a local bottom.
“Ethereum’s average fee level fell to just $1.12 per network transaction, the lowest single-day average cost since October 18.
Historically, traders move between sentimental cycles of feeling like crypto is going “to the moon” or feeling like “it’s dead,” which can be observed through transaction fees. These fees will tend to peak (and sometimes diverge) around the highest prices, and return to their resting state around the lowest prices.
While markets have mostly pulled back over the past six weeks, the lack of demand and strain on the network could help ETH and related altcoins recover sooner than expected.
Source: Santiment/X
At the time of writing, Ethereum is trading at $3,218, up more than 13% from its April low of $2,832.
Looking at altcoins operating in the Ethereum ecosystem, Santiment notes that a few coins are already showing signs of strength.
“Liquid staking assets enjoyed a nice mini-run this weekend. Across the 17 key assets we track for this sector, market capitalizations increased by a total of +5.0% despite choppy market conditions: LDO (+5.2%) and RETH (+5.9%) open the way.
Source: Santiment/X
At the time of writing this article, Lido DAO (YES) is trading at $2.15 while Rocket Pool ETH (RETH) is worth $3,547.
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