Ethereum (ETH) has failed to break above the key resistance of $1,300 despite rising around 4% in the past 24 hours. At press time, the second-largest cryptocurrency by market capitalization was trading at $1,289.
As the trading volume shows, the bulls and bears have woken up again. In the last 24 hours, the volume traded was $6.4 billion, approximately 31% more than the previous day.
ETH price, 4-hour chart. Source: TradingView
Ethereum’s On-Chain and Social Metrics Show Uncertainty
The analysis company Santiment has carried out a analysis of bullish and bearish signs in social and on-chain data for Ethereum and the result is mixed.
Ethereum shark and whale addresses make a bullish argument. As Santiment writes, just like with Bitcoin, ETH million addresses gave up much of their supply while conditions looked bad.
However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started hoarding Ethereum again. Since November 7th, Ethereum addresses holding between 100 and 1 million coins have accumulated 1.36% of the total supply and 2.09% more ETH overall (than before).
Social volume, on the other hand, looks bearish. As with most cryptocurrencies, the amount of discussion about Ethereum is waning, but this seems normal for a bear market.
As Santiment points out, this is not necessarily a bad thing when weak hands leave the market. However, what is negative is that “there is very little talk about Ethereum compared to other top assets”.
At the same time, this could also become a bullish argument if the bullish whales can push the price higher with little resistance, significantly affecting overall market sentiment.
The MVRV (average trading return of addresses) is also currently bearish. Average performance across addresses over the long term (365 days) still indicates “a lot of pain.”
However, based on an emerging long-term uptrend in MVRV, the metric could also be moving into bullish territory.
Extremely bullish is the remaining supply of Ethereum on exchanges. This is at a 4-year low of 12.1% of total supply. Therefore, the metric clearly points to a nascent bottom that is forming.
The sides are still polarized
By contrast, funding rates (perpetual contracts) are neutral. Neither the bulls nor the bears can prevail on this metric at this time. ETH funding rates have been too flat to swing in either direction since the FTX implosion.
In terms of realized gains/losses, the bears are clearly winning at the moment, according to Santiment’s analysis. Given the recent rise in the price of Ethereum, there is currently a lot of short-term profit-taking.
In short, Santiment summarizes:
In general, Ethereum’s on-chain and social metrics are as varied as the crowd’s perspective. […]Long-term? […] Ethereum is most likely closer to its next 3-year low vs. its 3-year high. But are we in maximum pain? Probably not yet.
This post Ethereum Metrics Reveal Bulls Vs. Bear battle, who wins?
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