Ethereum’s activities in the chain are increasing and the mood is rising

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The latest findings from Santiment, published in the bi-weekly newsletter from Cointelegraph Consulting, show that discussions about Ethereum have switched from very bearish to mostly bullish. In the past, this didn’t mean good news for the price of the token.

Ethereum’s on-chain activity, as measured by unique daily addresses, bounced back from its crack at the end of the summer. The recent surge has brought Ethereum to a 3-week high of 420,610 addresses per day – a 25.2% increase from the previous day.

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Another notable trend is Ethereum’s 365-day dormant period, which tracks the re-movement of all tokens whose address has not been changed in more than a year. That number has remained relatively low since hitting its low on October 7, with a recorded daily average of just 13,438 ETH, suggesting long-term owners are still sitting on their pockets despite the recent price hike.

Ethereum Network Profit / Loss, which calculates the average profit or loss of all coins whose addresses are changed on a daily basis, is a good way to determine which holders are panicking at a loss. In a market-wide crash on March 13, 2020, Ethereum’s network posted a cumulative loss of – $ 2,932,200 based on NPL: a 3-month low. Similarly, Ethereum’s network posted a cumulative loss of $ -998,998 on October 7, just before the coin bounced back above $ 350.