Analysts Believe Crypto Market Is Close To Reaching Top By CoinEdition


Analysts Believe Crypto Market Is Close To Reaching Top
  • Santiment recently published their latest crypto market insights report.
  • The report suggests that the crypto market may be close to a peak.
  • At press time, the price of ETH dropped slightly in the last 24 hours.

Santiment (@santimentfeed) released their most recent crypto market insights in a tweet this morning. In the tweet, Santiment shared their latest market analysis, which attempted to determine whether the market is presently in a FOMO phase or is in the early stages of a breakout.

According to the analysis, there have been several divergences in the market which have caused a temporary interruption in the growth of the altcoin front-runner, (ETH). The report stated that these divergences suggest that the market’s enthusiasm for risk has been relatively low.

Wealthy holders behaviour map (Source: Santiment)

Some in the crypto community are calling for a drop in ETH’s price, while others in the market are still expecting ETH to break above $2k and for (BTC) to breach $32k. Santiment’s insights pointed out that a similar pattern was observed in the “wealthy holders behaviour map, ” which showed whales had been decreasing their BTC positions until recently.

The report did add, however, that this trend has changed following the break of ETH’s price above $2k as well as the successful completion of the “Shapella fork”. ETH’s price continues to trade above the $2k mark at press time according to CoinMarketCap.

At present, ETH’s price is at $2,096.10 following a 0.52% decrease 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.

According to the report, 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 an indication that the market is nearing a peak.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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