On-chain metrics for Ethereum (ETH) are not showing any concerning signs at the moment, according to a Twitter post shared by the market intelligence platform Santiment earlier today. Although ETH is not showing huge signs of struggle, Santiment suggested that now might not be the most opportune time to invest in the leading altcoin.
🎢 #Ethereum’s market capitalization has undoubtedly been a rollercoaster, like most of #crypto. But are its metrics pointing to any particular concerning signs? Nope. Our latest insight looks at $ETH’s rising development activity and plenty more. 👇https://t.co/NSLfp2t0go pic.twitter.com/D5vwHvourV
— Santiment (@santimentfeed) August 29, 2023
In terms of utility, Santiment data revealed that Vitalik’s project has experienced a significant decline, with both on-chain transaction volume and trading volume showing a notable decrease since reaching their peak in early November of last year. According to the platform, this is suggestive of a lack of enthusiasm among the public.
Santiment added that this is especially true when people can not determine whether ETH’s price level of $1,650 is overestimated or underestimated. In addition to this, the platform pointed out that, for approximately four months, there has been a consistent decrease in the supply held by addresses containing between 10 and 10,000 ETH.
Towards the end of the previous year, there was substantial accumulation taking place. However, there was a rapid and significant instance of these specific address ranges engaging in profit-taking as the price reached a one-year peak of around $2,120.
On the brighter side, Santiment’s data indicated that development activity for ETH is still very much alive. Throughout the span of the project’s existence, there is a clearly noticeable upward trend in efforts directed towards enhancement and innovation.
Taking a look at ETH’s 24-hour price performance, CoinMarketCap indicated that the altcoin saw its price increase by 0.39% over the past day. As a result, ETH was trading at $1,646.80, which was just a bit closer to its 24-hour peak of $1,660.83 than its daily low of $1,627.45.
Along with its 24-hour price rise, the leading altcoin’s intraday volume also rose by more than 51% throughout the past day. Consequently, ETH’s volume stood at around $4,712,675,042 at press time. It is, however, worth noting that ETH’s weekly performance was still down by 1%.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.