On-chain activity and bullish sentiment in Ethereum are increasing

The latest findings from Santiment, The report, published in Cointelegraph Consulting’s bi-weekly newsletter, indicates that discussions about Ethereum have shifted from very bearish to mostly bullish. In the past, this didn’t mean good news for the price of the token.

Ethereum’s on-chain activity, as measured by unique daily addresses, bounced back from its slump in late summer. The recent surge brought Ethereum to a 3-week high of 420,610 addresses per day, a growth of mark 25.2% compared to the previous day.

Another notable trend is Ethereum’s 365-day idle circulation that tracks the re-movement of all tokens whose direction has not changed in more than a year. That number has remained relatively low since the October 7 low, with a daily average of only 13,438 ETH, This suggests that long-term owners continue to hold onto their holdings despite the recent price rally.

On-chain activity and bullish sentiment in Ethereum are increasing
On-chain activity and bullish sentiment in Ethereum are increasing

The profit / loss of the Ethereum network, which calculates the average profit or loss of all currencies changing direction daily, This will help you determine which owners are selling with panic loss. In the middle of the market-wide collapse on March 13, 2020 The Ethereum network posted a cumulative loss of $ 2,932,200 based on the network’s profit / loss – a 3 month low. Similar, The Ethereum network posted a cumulative loss of $ 998,998 on October 7, just before the coin jumped above $ 350.

Several of the lows in Ethereum over the past 2 months have shown the same pattern of behavior. suggesting panic sell-offs and a short-term redistribution of Ethereum to strong hands, This enables a more sustainable bounce. This metric is still important as statisticians can calculate “blood on the street”.

The 30-day MVRV (market value / realized value) ratio of Ethereum, The average profit (or loss) of all addresses that ETH has acquired in the last 30 days is recorded here. points out that short-term ETH holders are currently on average 8% above their original investment.

Nowadays, Ethereum’s 30-day MVRV ratio is still far from what has historically been considered a “danger zone”. This marks the level at which short term owners have attempted to dispose of their holdings in the past.

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