On-chain activity suggests Ethereum (ETH) and two altcoins could be primed for short-term price rallies, according to the crypto analytics firm Santiment.
Santiment notes that ETH, Shiba Inu (SHIB) and SushiSwap (SUSHI) traders displayed “mild signs of panic” on Thursday.
All three networks displayed some of the highest levels of trader loss-taking (versus profit) in 2023, according to the analytics firm. Santiment notes the loss-taking indicators are big capitulation signals and are “typically signs of a short-term rebound opportunity.”
ETH is trading at $1,648 at time of writing. The second-ranked crypto asset is up nearly 2% in the past 24 hours.
SHIB, a Dogecoin (DOGE) rival, is trading at $0.000007 at time of writing. The 19th-ranked asset by market cap is up 0.67% in the past 24 hours.
Sushiswap is a multi-chain decentralized exchange (DEX). The project’s native asset, SUSHI, is trading around $0.578 at time of writing and is up more than 3% in the past 24 hours.
Santiment also notes that traders are bullish on Ethereum rival Avalanche (AVAX) due to the buzz around the recently launched Friend.tech challenger Stars Arena, a decentralized social finance application (SocialFi) on the AVAX blockchain. The analytics firm notes the Stars Arena launch led to an “injection” of new AVAX address activity.
AVAX is trading at $10.66 at time of writing. The 21st-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.