Bitcoin (BTC) and altcoins have experienced significant gains in recent days. The price of BTC rose above $76,000, while Ethereum (ETH), the largest altcoin, tested levels above $2,400.
While ETH has attracted attention with its 17% increase since March 29th, the on-chain analytics platform Santiment reveals an interesting dynamic in the Ethereum market with its latest data.
At this point, Santiment notes that there has been recent selling pressure on ETH, but these sell-offs are a bullish signal.
Santiment’s latest analysis indicates that investors holding less than 0.01 ETH have sold a total of 1,791 ETH, worth $4.16 million, over the past two days.
According to Santiment, these investors perceive the nearly 17% rise in ETH since March 29 as a bull trap.
At this point, Santiment added that retail investors aggressively selling ETH and viewing it as a bull trap is actually a bullish signal for Ethereum.
“The community views this 17% increase since March 29th as a bull trap, which strengthens the possibility of this bullish momentum continuing.”
Ironically, these sales increase the potential for the upward momentum to continue.”
*This is not investment advice.
