Ethereum Back Over $1,800 - Is This a Brief Visit, or are We Getting Back to ATH Levels?
Let's take a quick look at what some of Santiment's top leading metrics have to say about Ethereum jumping back above $1,800:
Active Addresses vs. Deposits
Rising active addresses (orange) indicate an asset is increasing utility over time, while shrinking active deposits (pink) indicate an asset is having less tokens moving to exchanges with the intention of potential selloffs. Great sign here.
Our NVT model measures how healthy token circulation looks based on a fluctuating market cap. We're in yellow-green semi-bullish territory as of now.
Supply on Exchanges
Ethereum's supply on exchanges continues moving down, a great sign that more tokens are moving into hard wallets and DeFi.
The best times to buy, according to our MVRV metric, is when average trader returns dip under 0%. Currently, we're in modest semi-bearish territory at +7.3%.
We're currently seeing the most negative Twitter sentiment of 2021. The crowd is in disbelief, and this is a bullish indication.