Despite this, our analysis of trading volumes indicates that we are still far from the levels that the market usually trades when momentum, either positive or negative, is accelerating.
On-chain data from Santiment shows that a crossover between the 7-day and 30-day moving averages for trading volumes has often marked the beginning of bear and bull markets for ETH.
As the chart shows, the two lines are quite distant from each other, indicating that volumes remain quite thin.
Evidence of a True Recovery for ETH is Still Scarce
After spiking to a new all-time high in late May, open interest (OI) in ETH futures has been steadily declining, reflecting a retreat in traders’ participation level and interest in ETH. At 13.6 million ETH, this metric has dropped by 14% in just a month and a half.
Source: Original Article
