Crypto analytics firm Santiment is weighing in on what could be in store for Ethereum (ETH) and red-hot Polygon (MATIC).
Santiment is revealing that Ethereum’s address activity is growing and that the quantity of active deposits has died down since the “panic selloff” of late May.
The firm also notes that crowd sentiment is currently bearish, which is “a good sign for the bulls,” according to the firm.
In addition, Santiment points out that gas fees on the Ethereum blockchain have decreased, returning to levels not witnessed since mid-January of this year. Low gas fees, notes Santiment, is bullish for the top smart contract platform.
“Ethereum is ranging at $2,800, and one of the positive signs for the number-two crypto asset is the fact that its fees are back to low mid-January levels. At just a $5.48 average gas fee per transaction, this allows traders to move assets more comfortably.”
Santiment adds that the number of ETH held