Ethereum's Bullish and Bearish Cases - Back Above $3,500 We Go, or Time to Profit Take While We Have the Chance?
The best leading fundamental metrics Santiment has to offer are making compelling cases for where Ethereum is heading next. Despite the retrace this week, crypto's 2nd largest asset is still +570% in the last 6 months. It's time we dig into whether things can continue, or we're finally cooling off:
Our NVT model shows we're back in green territory, with plenty of token circulation happening at this market cap.
Supply on Exchanges
Ethereum's supply on exchanges continues moving down.
Active Addresses vs. Deposits
Active addresses and active deposits are pretty much both staying in unison, with a slightly concerning slide happening.
Average fees have come back to earth, but remain high compared to where they were at the turn of the year.
MVRV is still abnormally high, as average trader returns need to cool down to reduce risk of entering at this position.
Weighted social sentiment continues indicating positivity from the crowd.