Santiment Alerts For This Altcoin: There Are Red Flags!

Crypto analytics firm Santiment is warning traders that the leading smart contract platform and leading altcoin Ethereum (ETH) is giving red flag signals on-chain. In a new Santiment Insights report, the cryptocurrency data firm says that its trading volume has been on a downward trend since September, while Ethereum has risen even higher. cryptocoin.com We share the details as…

Santiment warns of leading altcoin Ethereum

According to Santiment’s report, the team sees a strong disparity between price and trading volume. The report states, “The price is rising, the trading volume is trying to rise but failing and going down.” Santiment adds that the on-chain volume, or number of active addresses, also fell from 675,500 on 30 October to 555,020, or over 17 percent.

Meanwhile, the social volume of the second-largest cryptocurrency is increasing, suggesting that market participants are overly optimistic about ETH’s rally. Another metric on Santiment’s radar is network profit/loss (NPL), which measures the total return on investment per day across all network operations. According to Santiment, a large drop in NPL indicates that ETH holders are selling at a loss on average. Santiment says these on-chain signals are “worrying” and that Ethereum is “generally bearish.” The report includes the following statements:

Long-term breakouts point to bearish signals for us… Despite the price rising, we see network activity falling. People are too relieved to not be able to make a profit even if ETH rises (visible on NPL). Therefore, they are more likely to be punished.

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