Top smart contract platform Ethereum (ETH) is flashing a handful of bearish indicators, according to the crypto analytics firm Santiment.
Santiment notes in a new analysis that Ethereum’s active addresses, active deposits, and transaction volume are all showing bearish divergences compared to ETH’s price.
ETH is trading at $1,806 at time of writing.
The second-ranked crypto asset by market cap is up 3.3% in the past 24 hours and more than 4.2% in the past seven days. Ethereum is also up 50.5% since the start of 2023.
Santiment also notes that traders of the payments platform Ripple’s utility token XRP are taking profits at the highest levels since August 2021.
“XRP Network continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we’re seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug 2021.”
XRP is trading at nearly $0.55 at time of writing. The sixth-ranked crypto asset by market cap is up nearly 5% in the past 24 hours and 16.6% in the past week. XRP is also up more than 61% since the start of 2023.
Additionally, Santiment says that larger wallets have been accumulating Ethereum competitor Cardano (ADA).
“Cardano has been showing some mild decoupling signs this week, and the #7 market cap asset is +8.2% in the past 24 hours. Addresses holding 10,000 or more ADA have collectively accumulated 1.03 billion (3.3% more coins) in the past 5 months.”
Cardano is worth $0.385 at time of writing. The seventh-ranked crypto asset by market cap is up nearly 13.5% in the past 24 hours and more than 5.7% in the past week. ADA is also up around 54% since the start of 2023.
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