Under-the-Radar Metrics Flashing Bullish Signals for Ethereum, Says Analytics Firm Santiment – Here’s the Target

According to Quinlivan, while the metric is currently in a positive zone, it only needs to drop marginally to trigger high demand and consequently an upside move.

“One key sign of a potential upcoming price bottom would be when traders begin making a higher level of transactions while at a loss, compared to when at a profit. Right now, we can see that the ratio of on-chain transaction volume in profit to loss is still favoring profit takes. But not by a large margin by any means… and if ETH drops a bit more from here and threatens the $1,700-$1,800 level again, panic sells would come pouring in to justify the buys.”