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3 Reasons Why Ethereum Is “Holding Up Well”: Santiment Report

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Thu, 08/26/2021 - 13:54
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Yuri Molchan
Santiment analytics company has shared three factors to look at in order to understand why Ethereum was damaged the least by the recent correction
3 Reasons Why Ethereum Is “Holding Up Well”: Santiment Report
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On-chain analytics company Santiment has tweeted that Ethereum is among the few crypto assets that were hit with minimal damage in the market dip in the past eight hours.

The tweet mentioned three factors that indicate that Ethereum is holding up pretty well and is not heading south.

Three important factors to watch regarding Ethereum

The report that was shared in the tweet mentions three factors important for the second-largest cryptocurrency in the blockchain world.

Token circulation has reached a two-month high and surpassed that level. Weighed social sentiment has been holding up well so far with Crypto Twitter euphoric about ETH reclaiming the $3,300 price level.

However, on the chart provided by Santiment, the curve of this index has already started breaching into the negative area. Should it go down further, the ETH price may follow it, the report says.

The third factor is the mean dollar-invested age. On the chart, it is clearly visible that the ETH price and this index have been moving in different directions. When the Ether price rises, the index drops. It was dropping as ETH was moving toward the all-time high above the $4,300 level that was reached in May.

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At the moment, the mean dollar-invested age has begun dropping gradually; it has been declining over the past three days.

It shows that the dormant USD invested in quiet Ethereum addresses are now starting to move again.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.