Considering the latest Glassnode report, Ethereum has seen an increase in new addresses. That might suggest stable interest in the alternative token. Though that could be the case, a fall in volume and sentiment appeared to indicate otherwise during this publication.
October 2 tweet by Glassnode showed new address count trounced a one-month peak on the ETH platform, hitting 3,001.804. Glassnode’s charts showed new wallets joining Ethereum maintained downsides in August before a somewhat recovery in the following weeks.
A surge in addresses didn’t see an uptick in ETH’s social medial presence. Ethereum recorded a 4.02% uptick in social mentions, whereas social engagements hiked by 26.9% within the previous month. Though the leading altcoin made some social media noise within the past 30 days, Ethereum’s sentiment wasn’t that positive.
For example, Santiment showed Ethereum’s weighted sentiment plummeted within the last two days. While publishing this content, the weighted metric read -0.453. Although Ethereum’s public outlook stayed negative, it didn’t discourage whales from buying ETH.
WhaleStats’ tweet showed top 5000 Ethereum whales increased interest in ETH. Moreover, Ethereum leads the pack as far as these whales are concerned. That might mean a positive facet for prospective Ethereum investors. Nevertheless, some concerns remained.
Remember, ETH’s volume maintained declines within the last few days. It dropped from September 30 at 13.12 billion to October 2 at 6.03 billion. ETH’s development activity plunged, showing there has not been massive activity on ETH’s GitHub.
Nevertheless, ETH’s velocity witnessed some growth within the past 48 hours, indicating that the rate at which Ethereum has moved from different wallets noted some upside. Though Ethereum has seen positive facets, the price hasn’t overcome after-Merge blues.
While publishing this content, ETH changed hands at $1,314.26, losing about 1% within the past day. Though ETH’s price witnessed some volatility over the past few sessions, it also received authorization from German telecommunication giants Deutsche Telekom, following its plans to operate an ETH validator.
What are your views about Ethereum’s performance post-Merge? Feel free to share your opinions in the comment section below.