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3 Ethereum Metrics That P

3 Ethereum Metrics That P
3 Ethereum Metrics That P

3 Major Metrics To Watch Out For That Can Impact Ethereum Prices

The crypto market has been plagued with increased volatility lately. This has made it harder to determine Ethereum’s future trajectory. However, certain metrics indicate what direction ETH’s price could head in when this volatility subsides.

ETHEREUM INVESTORS ARE BULLISH

Data from Coinglass shows that most Ethereum investors and traders are still bullish on the crypto token despite recent fluctuating prices. Specifically, most of these traders have continued to open long positions on Ethereum, meaning they are betting on it experiencing significant moves to the upside in the long run.

MAKING A CASE FOR THE BEARS

While the activity in the derivates market and Ethereum’s MVRV ratio paint a bullish outlook for the crypto token, Ethereum’s network growth suggests that ETH could still experience further price declines. Data from Santiment shows that the rate at which new users enter the Ethereum ecosystem has slowed recently. This declining network growth is also evident in a recent Bitcoinist report, which noted that Ethereum fees have dropped to their lowest since January. Ethereum fees are known to skyrocket when there is increased activity on the network. Therefore, low fees mean fewer new users are currently transacting on the network or even holding the ETH token at all.

However, the silver lining is that data from Santiment also shows an increase in velocity, which suggests that existing users on the network are actively trading and injecting more liquidity into the Ethereum ecosystem. This factor could also contribute to potential price surges for the ETH token.

At the time of writing, Ethereum is trading at around $3,200, which is up in the last 24 hours, according to data from CoinMarketCap.

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