Ethereum In Bleak Situation? Sharks & Whales Continue 4-Month Long Selloff
On-chain data shows the Ethereum sharks and whales have continued to sell for four months now, a sign that the asset may not recover soon.
Ethereum May Not Be In The Best Situation Right Now
In a new insight post, the on-chain analytics firm Santiment has looked into how the various metrics related to Ethereum look like at the moment to get hints about the asset’s future outcome.
First, the analytics firm has discussed the asset’s “transaction volume,” that is the daily total number of tokens that are being transferred on the network.
As is visible in the graph, the Ethereum transaction volume has gone down recently and has hit some low levels, suggesting that the network isn’t observing much usage currently.
“Though not necessarily a red flag for any asset, this is indicative of the crowd simply showing disinterest during a time when many traders really can’t decide whether the $1,650 price level is overvalued or undervalued,” explains Santiment.