Ethereum Sentiment Improving: MVRV, Long/Short Metrics Suggest Selling Pressure

• Investor sentiment towards Ethereum has improved of late, as key metrics such as the MVRV ratio and long/short difference suggest that there may be some selling pressure on Ethereum in the near future.
• The public sentiment for Ethereum remained positive despite the declining activity on the social front, as the number of social mentions and engagements decreased by 33.7% and 12.8% respectively.
• The validators also supported the network, with the number of validators on Ethereum rising by 2.3% over the last 30 days to 496,462 validators.

The world of cryptocurrency has seen its fair share of ups and downs since the advent of Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, has been no exception. Over the past year, Ethereum has faced a lot of volatility, with the price of Ethereum falling from its all-time high of $1,450 in January of 2021 to a low of $650 in May of 2021. However, recent data from Santiment and LunarCrush suggests that investor sentiment towards Ethereum has improved of late, with key metrics such as the MVRV ratio and long/short difference suggesting that there may be some selling pressure on Ethereum in the near future.

The public sentiment for Ethereum has remained positive despite the declining activity on the social front. According to data provided by LunarCrush, the number of social mentions and engagements for Ethereum decreased materially over the last month, with social mentions decreasing by 33.7% and the number of engagements falling by 12.8%. However, despite this, the sentiment for Ethereum remained positive, with traders expressing interest in Ethereum over other cryptocurrencies such as BNB, BTC, and ADA.

Furthermore, the behavior of the retail and big-pocket investors, as well as the validators, appears to be in alignment with the bullish demand. According to data provided by glassnode, the number of addresses holding more than 10 Ethereum reached an all-time high of 352,360. In addition, the number of non-zero addresses on the Ethereum network grew considerably over the last few months, with this metric currently standing at 92.36 million. On top of this, the number of validators on Ethereum grew by 2.3% over the last 30 days, with 496,462 validators currently active on the network.

Overall, the data from Santiment, LunarCrush, glassnode, and Staking Rewards suggests that investor sentiment towards Ethereum has improved of late, and that the tides may soon turn in Ethereum’s favor. With the public sentiment remaining positive despite the declining activity on the social front, and the retail and big-pocket investors, as well as the validators supporting the network, Ethereum may be on the cusp of a price surge.