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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. Bears Battle – Who’s Winning?

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Ethereum price

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Ethereum (ETH) has failed to rise above key resistance at $1,300 despite rising around 4% over the past 24 hours. At press time, the second largest cryptocurrency by market cap was trading at $1,289.

As the trading volume shows, the bulls and bears have woken up again. In the last 24 hours, the trading volume was $6.4 billion, which is about 31% higher than the previous day.

Ethereum ETH USD 2022-12-09
ETH price, 4-hour chart. Source: TradingView

Ethereum On-Chain And Social Metrics Show Uncertainty

Analysis company Santiment has conducted an analysis of bullish and bearish signs in on-chain and social data for Ethereum and the result is mixed.

A bullish argument is made by Ethereum’s shark and whale addresses. As Santiment writes, just as with Bitcoin, the ETH millionaire addresses gave up much of their supply while conditions looked poor.

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However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started accumulating Ethereum again. Since November 7, Ethereum addresses holding 100 million to 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 the majority of all cryptocurrencies, the number of discussions on Ethereum is decreasing, but this seems normal for a bear market.

As Santiment notes, this is not necessarily a bad thing when the weak hands leave the market. What is negative, however, is that “there is so little talk about Ethereum compared to other top assets.”

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At the same time, this could also turn into a bullish argument if bullish whales can drive the price higher with little resistance, thus significantly affecting the general market sentiment.

Currently bearish is also the MVRV (average trading return of addresses). The average return among long-term (365-day) addresses still indicates a “lot of pain.”

However, based on an emerging long-term uptrend in the 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. Thus, the metric clearly points to a nascent bottom that is forming.

Sides Are Still Polarized

In contrast, funding rates (perpetual contracts) are neutral. Neither the bulls nor bears can prevail on this metric at the moment. 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 surge in the Ethereum price, there is currently a lot of short-term profit-taking.

Ultimately, Santiment summarizes:

Overall, Ethereum’s on-chain and social metrics are about as mixed as the crowd’s perspective is. […]Long-term? […] Ethereum is very likely closer to its upcoming 3-year low vs. its 3-year high. But are we at maximal pain? Probably not yet.

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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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