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Ethereum

This Ethereum On-Chain Metric Is Flashing Most Bullish Signal in 16 Months, According to Analytics Firm Santiment

Ethereum (ETH) is flashing a bullish on-chain metric because it counts down the previous few hours till it merges to a proof-of-stake consensus mechanism, in accordance to crypto analytics agency Santiment.

Santiment notes that Ethereum’s Network Value to Transaction (NVT) Model is in “its best state in 16 months.”

“We are officially less than two days from the big Ethereum merge, & on-chain metrics are looking positive for the #2 market cap asset. According to our NVT model, the ratio between unique ETH being moved and the network’s current market cap is in its best state in 16 months.”

Source: santimentfeed/Twitter

NVT describes the connection between switch quantity and market capitalization.

Ethereum is buying and selling at $1,576 at time of writing and is down almost 7% in the previous 24 hours. Ethereum’s merge to proof-of-stake is at the moment scheduled to occur on Wednesday evening, in accordance to the Web3 infrastructure firm Blocknative.

Santiment additionally warns that the large improve may have a draw back in phrases of ETH’s price.

“With Ethereum’s merge happening this week, we see that mentions related to the monumental event are very high on social platforms. As traders anticipate the inevitable ETH volatility, watch for big FOMO social spikes, which coincide with downswings.”

Source: santimentfeed/Twitter

The crypto analytics agency additionally notes that Bitcoin’s (BTC) ratio of transactions in revenue vs. loss hit its highest stage since March. Santiment says merchants considered Bitcoin’s price bounce earlier this week “as the trigger to trade again.”

Source: santimentfeed/Twitter

Bitcoin is buying and selling at $20,178 at time of writing. The top-ranked crypto asset by market cap is down almost 10% in the previous 24 hours.

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Featured Image: Shutterstock/Panuwatccn/VECTORY_NT

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