spot_imgspot_imgspot_img

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 (ETH)

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.

ethereum-nfts

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-nft-trades

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.

ethereum-mvrv-ratio

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.

Bitcoin Eyes $70,000 Milestone: Bloomberg’s McGlone Predicts Shift from Gold to Crypto

As Bitcoin approaches the $70,000 mark, Bloomberg's Mike McGlone forecasts a pivotal transition in investment from gold to cryptocurrency, signaling a transformative phase in asset allocation.

Can XRP Price Reach $1? Noted Analyst Reveals Prediction!

Ripple's XRP token is trading below $0.60; what will be the next target for the XRP token? Current predictions!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

BlackRock’s iShares Bitcoin Trust Skyrockets to $10 Billion AUM, Marking Historic ETF Milestone

This article explores the remarkable achievement of BlackRock's iShares Bitcoin Trust (IBIT) reaching $10 billion in assets under management (AUM), reflecting growing institutional interest and trust in cryptocurrency investments.

Bitcoin Futures Open Interest Hits Record High, Signaling Strong Market Sentiment

This article delves into the recent surge in Bitcoin futures open interest, showcasing increased market activity and the implications of speculative buying on price movements.

Bitcoin Enters Bull Market with Predictions of 10-Month ‘Face Melting FOMO,’ Says Analyst PlanB

This article explores the latest Bitcoin bull market forecast by analyst PlanB, the implications of the stock-to-flow model, and the role of new Bitcoin ETFs in shaping investor interest and market dynamics.