[Analysis] "Ethereum has about 7% short-term upside… No overheating signals yet"

Suehyeon Lee

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."

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