en.bitcoinsistemi.com
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.