Santiment: “February Will Be Tough For ETH”
After the Fed’s announcement of the interest rate decision in line with the expectation and the speech of FED Chairman Jerome Powell yesterday, the crypto money market saw rises. Popular on-chain data provider Santiment warned that Ethereum could plummet in February, as investors’ bullish expectation for cryptocurrencies is rising.
Santiment shows that on-chain data is increasing the desire to profit in ETH. Based on these data, Santiment argued that Ethereum may be preparing to lose some of its gains in February. Santiment noted that looking at ETH’s Aroon indicator on the daily chart shows that the bullish sentiment has weakened significantly over the past few weeks.
“ETH performed impressively in January but that’s no longer news. Over the past 31 days, the price of the leading altcoin has increased by over 30%. The price surge also caused it to trade at levels seen before the unexpected collapse of FTX However, as profit-taking intensifies, Ethereum may be poised to divest some (if not all) of its gains in February. A glance at ETH’s Aroon Indicator on the daily chart revealed that the bullish sentiment has weakened significantly over the past few weeks. line was detected as 21.43%.”
Generally, when the Aroon Up line approaches zero, it suggests a weak uptrend and a distant final high, indicating the possibility of an uptrend reversal. Time will tell whether this analysis of Santiment, which expects a trend reversal and a decline in ETH according to the Aroon indicator, will take place.
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