Selling Pressure on Ethereum


Investor sentiment towards Ethereum has increased recently. Important factors such as the MVRV ratio and the long/short range indicate that there may be selling pressure on ETH in the coming days.

Ethereum has faced many changes in the past year, especially after the merger. However, according to recent data from Santiment, the tides may change soon in ETH, because the investor sentiment seems to be very serious at the moment.

Public Opinion

According to data provided by Santiment, customers prefer Ethereum to other currencies such as BNB, BTC, and ADA.

Well, interestingly, the sentiment of ETH has remained positive despite the official suspension of operations. According to data provided by LunarCrush, the number of people talking about ETH has dropped significantly in the past month.

To be specific, the social issue for Ethereum decreased by 33.7% and the number of contributions decreased by 12.8%. Now the behavior of traders and big pocket investors is in line with the bullish trend. According to the information provided by glassnode, the number of addresses with more than 10 Ethereum, at the time of writing, has reached an all-time high of 352,360 addresses.

In fact, the number of non-zero addresses in the ETH network has increased significantly in recent months. At the time of going to press, this metric is 92.36 million. Along with entrepreneurs, sponsors have also supported the network. According to data provided by Staking Rewards, the number of supporters in Ethereum has increased by 2.3% in the last 30 days. At the time of going to press, there were 496,462 supporters.

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Ethereum’s Market Struggling Despite Increase in Sponsorship Income

One of the reasons for the increasing number of sponsors in the network may be the increase in their income. Over the past week, the revenue from these endorsements has increased by 14.24%. And at the time of going to press, the total amount raised by sponsors is $959.18 million. The agreement
That said, Ethereum’s market has a lot going against it.

According to data provided by coinglass, the number of small positions against ETH has increased significantly in the past few days. At the time of writing, 51.53% of all positions held against ETH are short.
Meanwhile, the MVRV rate for Ethereum has increased over the past two weeks, according to information provided by Santiment. This suggested that many Ethereum holders would benefit if they decided to sell.

Most of those ETH beneficiaries are small time users. This is shown by the negative long/short gap for Ethereum.

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