Cryptocurrency analysis firm Santiment warns investors that certain metrics for the top smart contract platform and leading altcoin Ethereum (ETH) are showing selloff on the horizon. cryptocoin.com We are giving the details as…
According to Santiment, there may be a sale in the leading altcoin ETH
While ETH has bounced back from the most recent overall crypto market plunge, Santiment says in a new blog post that the supply of ETH seen on exchanges is increasing, creating a “bearish pennant.” “We have been seeing huge increases in the supply of ETH on exchanges over the past few days, indicating a reasonable amount of selling pressure is approaching,” Santiment says. According to the platform, traders use the price pump to exit their positions wherever possible, especially if they missed the chance to sell before.
The data firm also says that the MVRV 7D metric, which measures holders’ short-term profit and loss, indicates that ETH is in a “danger zone.” According to this metric, short-term ETH holders are currently in profit. This may encourage investors to make some profits.
However, Santiment points to Ethereum’s network growth and the increase in daily active addresses as positive developments that could indicate the blockchain is gaining new users. According to the platform, ETH’s network growth is seeing an unusual boost despite falling prices. It is noted that this may indicate that cautious participants who do not sell FOMO after price increases enter the network. Santiment uses the following expressions:
ETH’s daily active addresses continue to look healthy, the network is still very active regardless of the price action we’re seeing. That bodes well so far.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.