New York, USA – Despite recent declines, Ethereum’s funding rate remains positive, indicating optimism among investors. The overall trend for ETH also remains bullish, showing resilience in the face of price decreases.
Following the news of the approval of an Ethereum spot ETF, the weighted sentiment for Ethereum experienced a decline. However, other metrics suggest a potential positive turn for Ethereum once spot trading resumes.
Analysis of the Santiment sentiment chart revealed fluctuations in Ethereum’s sentiment, with spikes seen on certain dates. While there were brief declines, the sentiment spiked again following the news of the ETF approval. Despite these spikes, there has been an overall decline in weighted sentiment, now registering as negative.
Similarly, the social volume associated with Ethereum saw corresponding spikes during periods of increased sentiment. However, like sentiment, social volume has also decreased significantly. This downward trend in social volume suggests a shift towards negative sentiment for Ethereum.
Despite the weak sentiment, new addresses for Ethereum continue to rise, as indicated by data from Glassnode. This uptrend in new addresses suggests ongoing interest and activity surrounding Ethereum, even before the start of spot ETH trading.
On the derivative side, Ethereum’s weighted funding rate has remained positive on Coinglass, indicating continued confidence among buyers in the future price increase of Ethereum.
In terms of price action, Ethereum has seen slight increases in its trading price after recent declines. The daily time frame analysis shows a positive trend over the last few days, following a previous dip in price. These minor increases reflect ongoing market activity and investor interest in Ethereum.
Overall, while Ethereum has faced some challenges in sentiment and social volume, there are signs of optimism in funding rates and price trends, indicating potential for a positive turn in the near future.