Ethereum: Will ETH defeat bears despite the ongoing capitulation

ETH

As per the latest data released by Santiment, on 7 May, the Ethereum network experienced a 3.4 times rise in the number of transactions as compared to any other day.

The tweet further stated that with the ongoing market capitulation, this is the first time in the past 3.5 years that the ETH token has witnessed this volume of transactions in a single day.

Ether at the moment

The token, at press time, was in the green, but it hasn’t performed quite well in the last four weeks, to be precise. At the time of writing, the price of ETH stood at $2,696.

The Awesome Oscillator (AO), was standing below the zero line, at press time and has been issuing bearish signals for most of its sessions. The Relative Strength Index (RSI) further came in at a score of 39.84 after attempting to break above the neutral 50 on May 4.

Moreover, the MVRV rested at a score of 1.45 at press time. This goes on to assert that the token was neither overvalued nor undervalued.

Additionally, according to data from Santiment, daily volume readings on the Ethereum network as well as daily active addresses somewhat indicate growing investor interest in the token, even though many investors have opted to walk away by cutting the loss.

The daily active addresses at the press time stood at 488.19K which is slightly lower than the daily active addresses of 532.31K on 6 May. Furthermore, at the time of writing, the volume of ETH stood at 17.87 billion, whereas the volume for 6 May stood at 24.32 billion.

According to supplement Data from Glassnode, the net exchange flow for May 6 was +33.7 million, suggesting that a majority of ETH holders want to sell their token.

Although the performance of the ETH token hasn’t been up to the mark in the ongoing market, investors can still expect positive momentum in the months to come, thanks to the ‘Merge.’ But, the journey of the token northwards would surely be a difficult one.

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