Ethereum Flashed Bullish Signal, Crypto Analytics Firm Santiment Reveals

It’s been just revealed by the analytics firm Santiment that Ethereum (ETH) is flashing a potentially bullish signal. Crypto analytics firm Santiment noted that the amount of unique addresses interacting on the Ethereum network this week has improved as ETH’s price has moved downwards.

The firm says the increase in daily active addresses has created an “upward trend and bullish divergence” for ETH.

“Utility growing while prices drop is a strong case for prices turning positive.”

At the moment of writing this article, ETH is trading in the red and the coin is priced at $2,825.

As the online publication the Daily Hodl revealed, Santiment also says the amount of whale transactions exceeding $100,000 is rising.

The firm noted that this indicates the fact that “key stakeholders” are taking notice of ETH. Santiment also said that Ethereum has displayed a tight correlation to the equities market.

“Average funding rates on BTC and ETH are close to neutral. Neither longs are paying shorts, neither shorts are paying longs on derivatives markets,” the firm said.

Crypto mass adoption continues and the latest reports only come to strengthen this statement.

A new survey by crypto exchange Bitstamp is showing the fact that institutional investors have massive faith in the potential of crypto as a new asset class.

As the inline publication the Daily Hodl notes, the survey involved 5,502 institutional investment decision-makers and 23,113 retail investors from 23 countries across Africa, Asia-Pacific, Europe, Latin America, the Middle East, and North America.

The result was published in the first Bitstamp Crypto Pulse report. The latest data shows that 80% of institutions believe that digital assets will overtake traditional investment vehicles within a decade.

A massive majority of institutional respondents, or 88%, also think that crypto will have mainstream adoption within the same period.

Stay tuned for more news from the crypto space.