- Investor sentiment towards Ethereum has improved recently.
- Key metrics such as the MVRV ratio and the long/short spread indicate that there could be some selling pressure on Ethereum in the coming days.
Ethereum has had a lot of volatility in the past year, especially after the merger. But according to the latest Santiment news dataCould the tide soon turn in favor of Ethereum as investor sentiment appears to be very bullish at the moment.
Read the Ethereum price forecast 2023-2024
According to Santiment data, traders were interested in Ethereum over other cryptocurrencies such as BNB, BTC, and ADA.
Well, interestingly, sentiment towards Ethereum has remained positive despite the moderation in activity on the social front. According to data from LunarCrush, the number of social mentions and shares on Ethereum has dropped dramatically in the past month.
To be exact, Ethereum social mentions are down 33.7% and shares are down 12.8%.
Now, the behavior of individual investors and large investors has been in line with bullish demand. Based on data from glassnode, the number of addresses holding more than 10 Ethereum at the time of writing has reached an all-time high of 352,360 addresses.
In fact, the number of non-zero addresses in the Ethereum network has grown significantly in recent months. As of press time, that metric is 92.36 million.
Besides investors, validators have also supported the network. Based on data from Staking Rewards, the number of validators on Ethereum has increased by 2.3% in the last 30 days. At the time of writing, there are 496,462 validators.
One of the reasons for the increasing number of validators on the network may be the increase in revenue. In the past week, the earnings of these auditors have increased by 14.24%. At the time of publication, the total revenue generated by the auditors is $959.18 million.
However, the derivatives market for Ethereum has had a lot of conflicts with it.
According to data from coinglass, the number of short trades taken against Ethereum has increased exponentially in recent days. At the time of writing, 51.53% of all trades taken against ETH are short.
Meanwhile, Ethereum’s MVRV has increased in the past two weeks, according to information provided by Santiment. This indicates that most Ethereum holders will profit if they decide to sell.
Many of these Ethereum holders who were profiting were short-term Ethereum holders. This was indicated by the negative Ethereum long/short divergence.
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