Ethereum [ETH], thanks to the Merge, has been in the public eye for the longest time. And, despite all the social talk around ETH, the king of altcoins failed to garner enough traction on the price chart in September.
Furthermore, ETH’s social volume remained stagnant over the past month.
Source: Santiment
The sentiment around the altcoin also hadn’t been too positive. However, at the time of writing, the weighted sentiment metric of Ethereum stood in red. Thereby, clearly hinting at the fact that the investors were not happy with the performance of the king alt.
ETH’s Market Value to Realized Value (MVRV) ratio had been on a decline over the past month. As of 29 September, this value stood at -42.83%. This reveals the fact that ETH was undervalued at its current price.
Ethereum’s daily active addresses metric saw some spike but it wasn’t too impressive for the larger ecosystem.
Source: Santiment
That being said, from the chart attached below, one can infer that ETH hasn’t provided much value to its validators. The ROI being provided to each validator had been on the decline. This also indicated that there would be possibly less incentive for validators to stake their ETH.
Source: Glassnode
Well, this development could hurt Ethereum in the long term. ETH’s supply in profit also took a toll as it went all the way from 52 million at the beginning of September to 44 million at the time of press.
Green in a pool of red?
However, Ethereum whales have been consistently showing interest in the altcoin. On 28 September, WhaleStats, an account dedicated to tracking whale activity, tweeted that Ethereum was one of the most purchased cryptocurrencies by the top 1,000 ETH whales.
Another positive sign for Ethereum in the current bear market could be its growth in the NFT space. As presented in the chart given below, Ethereum saw a huge spike in terms of NFT sales on 28 September.
Source: Santiment
Well, at press time, ETH was trading at $1,334 and observed an uptick of 0.7% in the last 24 hours.
