According to Santiment, the Ethereum community is pessimistic today
Santiment analysts came to the disappointing conclusion that the mood in the Ethereum community is predominantly pessimistic. The “social mood” parameter hit a record low, reaching negative -1.19, despite a 15% rise in the asset's value.
The last time similar sentiment circulated within the community was in January 2020, according to Santiment. However, as an optimistic outlook for the long term, analysts highlighted the 30-day MVRV, signaling bullish activity. Now it is -9.69%, but experts are confident that the most favorable threshold for entering the asset will be -17%. A low MVRV is a direct signal to buy tokens, while high values indicate a movement of "stagnant" coins and, accordingly, a possible increase in sales. For example, on June 26, the ratio reached -19% when the value of ETH dropped to $1,779.
Low commissions, which in recent weeks have become a kind of "moral compensation" for enthusiasts against the backdrop of a falling market, will also be a reliable help for Ethereum investors. Today, the median transaction fee is around $1. Recall that back in mid-May, with an asset price of $4,000 on Binance, the commission was about $38.
Analysts noted that despite the long-term outlook, the market is still in the clutches of bears. In particular, they are seeing an increasing number of volumes arriving at centralized exchanges. The increase in Ethereum equivalent compared to May amounted to more than 790,000 ETH. In addition, the volume of tokens in circulation has dropped significantly compared to market capitalization.
Meanwhile, the value of Ethereum has already exceeded $2,100 on the Binance cryptocurrency exchange, and its market volume has grown by 37% in 24 hours.
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