According to Santiment, an on-chain analytics company, Ethereum is one of the few crypto currencies that suffered just minor losses in the market drop during the last eight hours.
The tweet listed three characteristics that indicate Ethereum is holding up well and is not heading south.
Three Ethereum-related factors to keep an eye on
The paper, which was also published in the tweet, cites three crucial elements for the world’s second largest cryptocurrency on the blockchain.
The token circulation reached and surpassed a two-month peak. So far, the weighed social mood has held up nicely, with crypto Twitter ecstatic about ETH recovering the $3,300 price barrier.
On the chart given by Santiment, however, the curve of this index has already begun to penetrate into the negative area. According to the study, if it falls more, the ETH price may follow.
The average dollar invested age is the third element. The chart plainly shows that the price of ETH and this index have been moving in opposite directions. When the price of Ether rises, the index falls. It was falling while ETH was approaching an all-time high above the $4,300 level established in May.
At the moment, the average dollar invested age is progressively reducing – it has been declining for the past three days.
It demonstrates that dormant USD invested in quiet Ethereum addresses is suddenly starting to move again.