Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?
According to a recent report by Glassnode, there has been a spike in the number of new addresses on Ethereum. This could be indicative of a sustained interest in the altcoin. Now, while that may be the case, however, the decline in sentiment and volume seemed to suggest otherwise at press time.
A tweet shared by Glassnode on 2 October revealed that the number of new addresses just hit a 1-month high of 3,001.804 on the Ethereum network.
As can be seen from the image below, the number of new addresses being added to the Ethereum network had been on a decline in August, before recovering somewhat in the weeks that followed.
Source: Glassnode
The spike in the number of addresses was also accompanied by a surge in Ethereum’s social media presence. Over the past month, Ethereum has seen a 4.02% increase in its social mentions and a 26.9% hike in its social engagements.
Now, even though Ethereum managed to make some noise on social media space over the last 30 days, the sentiment towards the altcoin wasn’t all positive. For instance, according to Santiment, Ethereum saw a decline in its weighted sentiment over the past two days. At the time of press, the weighted sentiment for Ethereum had a reading of -0.453.
Now, although public sentiment was negative for Ethereum, it didn’t deter whales from investing in ETH. According to a tweet by WhaleStats, the top 5000 ETH whales have been adding onto their interest in Ethereum. In fact, ETH now tops the list of coins that these whales have invested in.
On the face of it, this could be perceived as a positive factor for potential ETH investors. However, there have been some areas of concern as well.
Source: Santiment
Consider this – Ethereum’s volume has been declining over the past few
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