Summary
- Currently stablecoin deposit rates are around 4%, and there are no overheating signals in the market yet.
- Santiment expects Ethereum to have about 7% short-term upside potential and to possibly retest the $3200 resistance.
- The rates of major lending protocols are also at levels that do not indicate the past speculative leverage surges.
With stablecoin deposit rates remaining low, Ethereum (ETH) may have roughly 7% short-term upside potential, according to an analysis.
On the 30th (local time), Cointelegraph reported that Santiment said in a report, "Current stablecoin rates are around 4%, which suggests the market has not yet entered an overheating phase," and projected that "Ethereum could soon retest the $3200 resistance."
It added, "Stablecoin rates are used as an indicator of market health," and noted, "the average rates of major lending protocols are currently around 3.9~4.5%, and the speculative leverage surge that appeared right before past major highs has not yet been observed."
Meanwhile, Ethereum is currently trading around $2990 on CoinMarketCap, and breaking back above $3200 would imply about 7% upside. Santiment analyzed, "Ethereum has fallen 21.8% over the past 30 days, but there is no evidence that the market structure is overheated or near a peak."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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