Ethereum is Flashing Bullish On-Chain Signals, Santiment Notes

Ethereum seems to be in the spotlight due to the fact that it’s flashing bullish signals. Check out the latest data, according to new Santiment notes.

At the moment of writing this article, ETH is trading in the green, and the digital asset is priced at $1,893.

The leading crypto market analytics firm says Ethereum (ETH) is flashing a couple of bullish on-chain readings as the top altcoin bounces.

Santiment has reported that the percentage of Ethereum’s total supply on crypto exchanges has recently hit a new all-time low. This suggests that there may be limited selling pressure on the leading altcoin as investors move their ETH holdings away from the open market.

Additionally, the analytics firm has noted that ETH’s average transaction fees have become more appealing, having fallen to a level not seen since Ethereum’s surge to its 2023 highs.

“Even though Ethereum has been unable to maintain the $1,900 level for now, the level of supply continues moving away from exchanges. Additionally, average fees are back to levels last seen in March just prior to the ETH price ascension to $2,100.”

According to Santiment, the 20th largest altcoin by market cap, Bitcoin Cash (BCH), has been gaining traction on social media after receiving backing from EDX Markets, a digital asset marketplace.

Many traders are closely monitoring EDX Markets as it recently secured funding from major financial players such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.

Santiment stated the following:

“With the assistance of EDX Markets, launched on June 20th, BitcoinCash has been the biggest beneficiary with a massive +79% price gain in four days. Notably, BCH has seen a three-year high in social discussion rates, and volume has easily eclipsed 2023 highs.”

Stay tuned for more news from the crypto space and make sure to check the markets as well.