User Activities in Ethereum NFTs are on the Rise Again

• ETH managed to surpass the $1,900 level again. However, this upward trend did not last long and the price fell below this level again.
• In May, over 750 ETH NFTs were minted. According to the data, NFT buyers and sellers have also increased by 20% in the past 30 days.
• Santiment’s chart revealed that Ethereum’s MVRV Ratio has also decreased, increasing the likelihood of the downward trend continuing.

Interest in Ethereum NFTs had been declining and losing popularity for a long time, but according to recent reports, there has been a revival in Ethereum NFTs.

Increasing Interest in Ethereum NFTs

Ethereum NFTs have been going through a tough period for a few months as the mint numbers have been declining. However, this scenario has reversed since last month and the numbers have increased. Additionally, user activity has also increased according to the latest data. During this time, ETH managed to surpass the $1,900 level again. However, this upward trend did not last long and the price fell below this level again.

The latest data shared by Nansen revealed a decrease in the quantity of ETH NFTs. This reached the lowest level since June 2021. IntoTheBlock also noted a similar downward trend in NFT sales.

However, according to Nansen, something has finally started to change and the number of mints increased by 48% in June.

In May, over 750 ETH NFTs were minted. According to the data, NFT buyers and sellers have also increased by 20% in the past 30 days. Surprisingly, according to Santiment’s data, the situation painted a different picture. After an increase in June, the number of Ethereum NFT trades and trading volume decreased in USD terms.

Ethereum Investors Disappointed Once Again

Among these updates, ETH experienced another price correction and fell below the $1,900 level after surpassing it. The ETH price has dropped by approximately 3.4% in the past seven days. At the time of writing, Ethereum is trading at $1,860 with a market cap of over $223 billion.

According to CryptoQuant, ETH’s exchange reserves are increasing, indicating selling pressure. Coinbase Premium is also in the red, indicating that U.S.-based investors are selling on this exchange.

Santiment’s chart revealed that Ethereum’s MVRV Ratio has also decreased, increasing the likelihood of the downward trend continuing. The decrease in the creation of new addresses for ETH transfers indicates a decline in network growth.

However, the good news was the decrease in Ethereum’s Open Positions. The drop in this metric indicated that the ongoing price trend could soon come to an end.