Ethereum Average Transaction Size Drops
Date
5/19/2024 3:26:02 PM
(MENAFN- eTrendy Stock) On May 19, Cryptomode observed that Ethereum's (ETH) average transaction size had fallen to $2,767, a 54.13% decline from the $5,893 recorded at the beginning of the month, based on data from IntoTheBlock.
The average transaction size measures the mean transaction value in dollar terms for a specific day. Historically, spikes in this metric signal high user activity, especially from large investors and institutions. Conversely, decreases suggest reduced institutional interaction.
Ethereum's recent state indicates more activity from retail users. The current average transaction size suggests Ethereum is closer to the bottom.
Ethereum Transaction Size | IntotheblockExchange Net Position Change Data
Ethereum's Exchange Net Position Change has been mostly negative over the past 30 days, according to Glassnode data. This metric tracks the 30-day change of the supply held in exchange wallets. A positive value indicates more coins in exchanges, while a negative value indicates increased withdrawals from exchanges.
We noticed that the metric turned positive on May 18, with the ETH net position change at 81,715. This increase occurred after a 6.50% rise in Ethereum's price over the last week.
Ethereum Options Traders' Sentiment
On May 17, options traders expected Ethereum's price to reach $3,600 between May and the end of June. At the time of reporting, Glassnode data showed that the sentiment had not changed. The Put/Call Ratio (PCR) provides insight into this sentiment. A PCR over 0.70 indicates a bearish sentiment with more puts than calls, while a reading below 0.50 indicates a bullish sentiment.
Exchange Net Position Change | Source: SantimentEthereum's Put/Call Ratio was 0.35, indicating that most traders expect the cryptocurrency's value to increase in the coming weeks.
At the time of writing, Ethereum is trading at $3,064, according to Coinmarketcap.
MENAFN19052024007158015398ID1108232272
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.