A leading crypto market analysis firm says Ethereum (ETH) is showing some bullish on-chain readings as the top altcoin bounces.
Santiment notes that Ethereum supply on crypto exchanges as a percentage of total supply has just hit a new low, indicating that sell-off pressure on the leading altcoin may be contained as market participants move their ETH stacks off the open market.
The analytics firm also says ETH’s average transaction fees now look attractive after dropping to levels last seen before Ethereum surged to its 2023 highs.
“While Ethereum has been unable to sustain the USD 1,900 level for now, the supply of exchanges continues to decline. In addition, average fees are back at levels last seen in March, just before the ETH price surge to $2,100.”
At the time of writing, ETH is trading at $1,880, up nearly 15% from its June low of $1,637.
Looking at Bitcoin (BTC) hard fork Bitcoin Cash (BCH), Santiment says the 20th largest altcoin by market cap is trending on social media after gaining support from digital asset marketplace EDX Markets.
Traders are keeping a close eye on EDX Markets as it received a funding round from financial heavyweights Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial.
says Santiment,
“With the help of EDX Markets, launched on June 20, BitcoinCash is the biggest beneficiary with a massive +79% gain in four days. Notably, BCH has seen a three-year high in social discussion rates, and volume has easily surpassed 2023 highs.
At the time of writing, BCH is worth $213.47, up nearly 120% from its June low of $97.87.
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