Connect with us
Active Currencies 12923
Market Cap $2,357,871,947,487.50
Bitcoin Share 50.96%
24h Market Cap Change $4.88

Ethereum’s metrics to consider before cutting losses this bear season

2min Read

Share this article

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.


Saman is a News Editor at AMBCrypto. Her background in History and English expanded on her knack for editing and presenting all sides of a story without bias. With a strong will to learn, Saman is always up for exploring unknown territory, and crypto, with its ever-changing landscape, offers just that.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.