Assets covered: Ethereum (ETH)

Metrics used: MVRV, Exchange Inflow, Active Addresses, Network Growth, Supply on Exchanges, Social Volume

Charts: https://app.santiment.net/s/AW334jPe

This is an update of where we are in terms of onchain and social data for Ethereum.

Worrying signs

MVRV

Ethereum short term 30d MVRV seems to be close to a very 'difficult' level around 10%, but there is room to grow till around 25%. On longer term 365d MVRV we are already super high, super overvalued, very risky zone:

Exchange Inflow

Is starting to pick up a little bit:

Seems there might be a little bit more sell side pressure to be absorbed around price resistance level. That might be a little bit difficult for Ethereum.

Good signs

Active Addresses

We've got a very big spike in AA for ETH today:

It's highest since June! And just to compare, yellow is Shiba Inu's active addresses:

Are we seeing the same type of growth in NG? Yes, we are

Network Growth

Look at that spike!

We're not sure exactly why though. The biggest spike since May. Is this the beginning of a renaissance of Ethereum network? It could also be just a short term uptick for price reasons or something else.

Unclear signs

Supply on exchanges

Is sort of on the rise:

Nothing too dramatic, but we are seeing some elevation in sell pressure. For the first time since the beginning of September. Perhaps some people are looking to sell around 3.5K.

Social Volume

Is starting to pick up a little bit:

It seems like the crowd is starting to pay more attention to Ethereum. At least a little bit in terms of the overall hype. That's something to keep an eye on.

Overall,

We are seeing a few concerning signs: MVRV and Exchange Inflow. And a few may be positive signs: Active Addresses and Network Growth. That's where we are.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.