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Santiment revealed that Ethereum’s market valuation is unjustified by its volume using the Network Value to Transaction (NVT) ratio. NVT generally determines the relationship between a coin’s market cap and the number of transactions recorded on the blockchain. NVT employs a coin’s transactional activity in place of the market’s volume.
The Ethereum NVT ratio is now in a downward trend on the chart, indicating that the Ethereum Blockchain is not seeing many transactions. On-chain analytics company Santiment forecasts that Ethereum will require a spike in transactional activity this year to enjoy an uptick in trend.
Key Ethereum Levels To Watch – January 3
The market is typically in a bearish environment. On August 14, 2022, a long-term high was created at the $2031.00 supply zone. Prices kept declining in fractals as short-term highs were also created. On September 11, 2022, the price expanded into the liquidity pool in order to capture buy-side liquidity and execute sell orders at a premium.
According to the Moving Average Convergence Divergence (MACD) indicator, the market is completely dominated by bears. The Moving Averages of the MACD have spent more time below the zero line, thereby confirming the overall trend of the market. ETHUSD is expected to remain bearish once the 1150.00 price level gets broken to the downside.
Ethereum Key Levels
Resistance Levels: $2031.00, $1677.00, $1352.00
Support Levels: $1073.00, $997.00, $880.00
Total Market Capitalization: $809.73B
Ethereum Market Capitalization: $149.74B
Ethereum Volume: $3.60B
Market Rank: #2
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