Evaluating the Fall in Ethereum, Santiment said, “There is Still Hope for ETH!” Said!

Yesterday, Bitcoin fell sharply after the news that FTX announced its current crypto holdings.

With this decline, BTC fell to $ 24,950, while altcoins also retreated.

Because the largest altcoin, Ethereum (ETH), also decreased by around 3%, falling to $ 1,530.

Although ETH bulls tried to take $ 1,600, they were unsuccessful and ETH is at $ 1,579 at the time of writing.

At this point, evaluating the decline in ETH, on-chain data provider Santiment stated that Ethereum dropped to $ 1,500 for the first time since March 12.

Santiment pointed out that a significant amount of ETH was moved during this period and stated that this situation is an indicator of capitulation and generally signals potential returns in the market.

“Ethereum dropped to $1,540 for the first time since March 12. This drop coincided with a large amount of dormant ETH being moved out of wallets.

“A continued decline in the average dollar value while prices are falling is a sign of capitulation and often signals potential reversals in the market.”

🐳 #Ethereum dropped to $1,540 for the first time since March 12th, and this coincided with large quantities of stagnant $ETH moving away from old wallets. A continued dip in mean $ age while prices drop is a capitulation sign, which foreshadows reversals. https://t.co/50jK2C7aLi pic.twitter.com/4RhtlVX3rr

— Santiment (@santimentfeed) September 12, 2023

Looking at the Ethereum chart, the downside support level for ETH is $1,440.

*This is not investment advice.

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