Ethereum (ENG)ETH) is flashing a bullish on-chain metric as it counts down the last few hours until it merges to a proof-of-stake consensus mechanism, according to crypto analytics firm Santiment.
Santiment Notizen 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.”
NVT describes the relationship between transfer volume and market capitalization.
Ethereum is trading at $1,576 at time of writing and is down nearly 7% in the past 24 hours. Ethereum’s merge to proof-of-stake is currently scheduled to happen on Wednesday night, according to the Web3 infrastructure company Blocknativ.
Santiment och warnt that the massive upgrade could have a downside in terms 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.”
D'Krypto Analysefirma och Notizen datt Bitcoin's (BTC) ratio of transactions in profit vs. loss hit its highest level since March. Santiment says traders viewed Bitcoin’s price bounce earlier this week “as the trigger to trade again.”
Bitcoin gëtt am Moment vum Schreiwen op $20,178 gehandelt. Den Top-klasséierte Krypto Verméigen no Maartkapp ass bal 10% an de leschten 24 Stonnen erofgaang.
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Source: https://dailyhodl.com/2022/09/14/this-ethereum-on-chain-metric-is-flashing-most-bullish-signal-in-16-months-according-analytics-firm-santiment/