A number of causes, including the failure of crypto banks in the US like Silvergate and Signature, have recently contributed to a price decline in the cryptocurrency market. This changed, though, as this week saw a significant rally in both Bitcoin and Ethereum as they tried to maintain their bullish trend.
According to analytics firm Santiment, Ethereum (ETH), the second-largest cryptocurrency by market cap, has additional room for growth. They predicted that Ethereum’s price, which over the weekend touched a high last seen seven months ago, will rise above $2,000 in the near future.
Twitteratis give a thumbs up for Ethereum
Since August 18th, Ethereum’s price had not surpassed $1,840 and ETH sank to a two-month low earlier this month. Santiment claimed that Ethereum’s transaction costs dipped below $2 when ETH achieved a seven-month high instead of increasing above $8.
According to a Twitter poll Santiment conducted over the weekend, more individuals think Ethereum will rise above $2,000 first than think it will fall below $1,600 first. About 10% of those voted predicted that Ethereum will rise above $2,000 in the near future, while 5.2% said that it would fall below $1,600.
At the time of writing, Ethereum is trading at $1,797 and is up by more than one percent in the last 24 hours.
Brian Quinlivan, director of marketing at Santiment, claimed that the rise of Bitcoin and the collapse of the banking industry are related. Bitcoin is currently hovering above the $28k mark.
“So why did prices manage to soar? Well, there were a few different key events in the first half of March.The most obvious appeared to be the collapse of one of the larger US banks, Silicon Valley Bank (SVB). And it appears this has caused massive ripple effects among the banking sector, in general,” he said.
Source: https://coinpedia.org/ethereum/ethereum-eth-price-all-set-to-ignite-the-altcoin-season-massive-rally-on-horizon/