NFT volumes begin to drop
In the last month, total sales of Ethereum-based NFTs have fallen by 55 percent. The sales of popular Ethereum NFTs such as BAYC, MAYC and Crypto Punks have fallen by more than 40 percent.
The Ethereum network is losing ground to NFTs that are available on other networks, such as Solana or Bitcoin.
The number of daily addresses active on the Ethereum Network has also fallen significantly in the past few days, along with gas consumption on the network. This suggests a decline in overall activity within the Ethereum Ecosystem.
This could indicate that Ethereum as an eco-system was declining significantly.
The price of ETH has risen due to the excitement surrounding the Ethereum ETF. However, if the ETFs lose their appeal in the future it could be a serious problem.
ETH traded at $3.786.76 as of press time and had dropped by 0.68%. The ETH token’s network has shrunk significantly. This means that new addresses interested in ETH have drastically decreased.
The market is not yet ready to purchase ETH for its current rate.
Some bulls will wait for a corrective move before accumulating ETH.
In addition, the speed at which ETH is traded has increased. This indicates that the frequency of ETH’s trading has also grown.
The price of ETH will only rise with time, and we can’t tell if the increasing velocity is related to the price.
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What is the state of addresses?
As indicated by the MVRV of ETH, the vast majority were in a profitable state.
A high MVRV means more holders will sell, but the fact that the Long/Short Difference is so high indicates that long-term holders may be holding on to their positions for a while.
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Source: ambcrypto.com