{"id":511827,"date":"2022-12-09T08:44:50","date_gmt":"2022-12-09T13:44:50","guid":{"rendered":"https:\/\/wncen.com\/?p=511827"},"modified":"2022-12-09T08:44:50","modified_gmt":"2022-12-09T13:44:50","slug":"ethereum-metrics-reveal-bulls-vs-bears-battle-whos-winning","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-metrics-reveal-bulls-vs-bears-battle-whos-winning\/","title":{"rendered":"Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. Bears Battle &#8211; Who&#8217;s Winning?"},"content":{"rendered":"<p>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.<\/p>\n<p>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.<\/p>\n<figure id=\"attachment_511837\" aria-describedby=\"caption-attachment-511837\" style=\"width: 2954px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-511837 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?resize=2954%2C1607\" alt=\"Ethereum ETH USD 2022-12-09\" width=\"2954\" height=\"1607\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=2954 2954w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/ETHUSD_2022-12-09_13-04-52.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-511837\" class=\"wp-caption-text\">ETH price, 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/uD28avrX\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n<h2>Ethereum On-Chain And Social Metrics Show Uncertainty<\/h2>\n<p>Analysis company Santiment has conducted an <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/41600257\" target=\"_blank\" rel=\"noopener nofollow\">analysis<\/a> of bullish and bearish signs in on-chain and social data for Ethereum and the result is mixed.<\/p>\n<p>A bullish argument is made by Ethereum&#8217;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.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/how-litecoin-ltc-outperforms-other-top-cryptocurrencies-in-this-department\/\" target=\"_blank\" rel=\"noopener \">How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department<\/a><\/div>\n<p>However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started <a href=\"https:\/\/wncen.com\/news\/ethereum-addresses-holding-32-eth-or-more-on-the-rise-this-on-chain-data-shows\/\" target=\"_blank\" rel=\"noopener \">accumulating<\/a> 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).<\/p>\n<p>Social <a href=\"https:\/\/wncen.com\/news\/chainlink-rally-in-social-activity-hits-ath-of-44173-will-link-price-climb-as-well\/\" target=\"_blank\" rel=\"noopener \">volume<\/a>, 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.<\/p>\n<p>As Santiment notes, this is not necessarily a bad thing when the weak hands leave the market. What is negative, however, is that &#8220;there is so little talk about Ethereum compared to other top assets.&#8221;<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/upcoming-fomc-meeting-is-the-most-important-ever-for-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin \u2013 Watch Out For The Dot Plot<\/a><\/div>\n<p>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.<\/p>\n<p>Currently bearish is also the MVRV (average trading return of addresses). The average return among long-term (365-day) addresses still indicates a &#8220;lot of pain.&#8221;<\/p>\n<p>However, based on an emerging long-term uptrend in the MVRV, the metric could also be moving into bullish territory.<\/p>\n<p>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.<\/p>\n<h2>Sides Are Still Polarized<\/h2>\n<p>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.<\/p>\n<p>In terms of realized gains\/losses, the bears are clearly winning at the moment, according to Santiment&#8217;s analysis. Given the recent surge in the Ethereum price, there is currently a lot of short-term profit-taking.<\/p>\n<p>Ultimately, Santiment summarizes:<\/p>\n<blockquote><p><strong>Overall, Ethereum&#8217;s on-chain and social metrics are about as mixed as the crowd&#8217;s perspective is. [&#8230;]Long-term? [&#8230;] 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.<\/strong><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>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 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&#8217;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. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department 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 &#8220;there is so little talk about Ethereum compared to other top assets.&#8221; Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin \u2013 Watch Out For The Dot Plot 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 &#8220;lot of pain.&#8221; 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&#8217;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&#8217;s on-chain and social metrics are about as mixed as the crowd&#8217;s perspective is. [&#8230;]Long-term? [&#8230;] 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.<\/p>\n","protected":false},"author":571,"featured_media":511840,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946],"class_list":["post-511827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum"],"acf":[],"yoast_head":"\n<title>Ethereum Metrics Reveal Bulls Vs. 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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\u2019s 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\u2019s 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\u2019s 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.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. 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