- The number of ETH NFT sellers and buyers grew more than 20% last month.
- The price of ETH fell nearly 3% last week and most of the metrics looked bearish.
Ethereum [ETH] NFTs struggled for several months as mint numbers plummeted. However, the scenario witnessed a trend reversal since last month when the numbers rose. Not only that, but user activity also registered an uptick according to the latest data.
Read Ethereum [ETH] Price prediction 2023-24
While this was happening, ETH was able to cross the $1,900 mark again. But the uptrend didn’t last long as the price re-established itself below that mark. Should investors expect the price of ETH to rise in the coming days?
A closer look at Ethereum NFTs
A recent tweet from Nansen revealed that the number ETH Minted NFTs decreased. In fact, it reached its lowest level in May 2023 since June 2021. Not only that, but IntoTheBlock’s tweet also pointed to a similar downward trend in terms of NFT sales as they hit 50,000.
But as Nansen’s tweet points out, things are finally starting to change, as the number of mints increased by 48% in June.
Ethereum NFT mints in May were the lowest since June 21. But last month there was a 48% increase!
– 54% make a profit
– 39% is valued lower than the coin price
– 7% are deadTotal number of Ethereum NFT mints in June: 752
Was May the bottom? pic.twitter.com/fnfgBtAPKp
— Nansen
(@nansen_ai) July 7, 2023
Last month, more than 750 ETH NFTs were minted. According to CRYPTOSLAMs facts, the number of NFT buyers and sellers is also up 20% in the past 30 days. Surprisingly, a look at Santiment’s data painted a different picture.
After peaking in June, both Ethereum NFT trade numbers and USD trading volume declined.
Source: Sentiment
Ethereum investors are once again disappointed
In the midst of these updates, ETH suffered another price correction, as after crossing $1,900, it once again dipped below that mark. According to CoinMarketCapthe price of ETH fell nearly 3% in the past seven days.
At the time of writing, Ethereum was trading at $1,860.19 with a market cap of over $223 billion. Any chances of ETH crossing $1,900 again soon? A look at the on-chain stats provided a few answers.
The bears are hard to beat
From CryptoQuant, ETH’s foreign exchange reserve increased, suggesting it was under selling pressure. The Coinbase Premium was also red, meaning US-based investors were selling on that exchange.
Is your wallet green? look at the Ethereum Profit Calculator
Santiment’s chart revealed that Ethereum’s MVRV ratio also fell, further increasing the likelihood of a sustained downtrend. Last week fewer new addresses were created to transfer ETH, as evidenced by the dip in network growth.
However, the good news was that Ethereum’s Open Interest was decreasing. A drop in the metric suggested that the ongoing price trend could end soon.
Source: Sentiment
