On-Chain Ethereum Trends Favor Bulls Despite 5% Drop From Local Highs


Santiment, a blockchain analytics firm, recently shared that Ethereum’s NVT is still “bullish” The NVT is the network value to transaction ratio, which is seen as a price-to-earnings ratio for blockchain networks. Data also shows that investors are accumulating ETH en-masse, with coins leaving exchanges at a rapid clip. Ethereum On-Chain Trends Still Favoring Bulls Ethereum has undergone a strong drop from its weekly highs around $385. The coin fell under $370 on Tuesday morning as capital flooded from the altcoin market back towards Bitcoin, which has underperformed altcoins over the past six months. Despite the local, short-term drop, analysts remain bullish on ETH. One key reason why this is the case is that Ethereum’s on-chain trends are still bullish. Santiment, a blockchain analytics firm, recently shared the chart seen below. it shows ETH’s price action relative to the network value to transactions metric, which is seen as a price-to-earnings…

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