Ethereum Is Overbought – A Correction On Its Way?

Ethereum is trading in the green today, and at the moment of writing this article, the coin is up by more than 4%.

Currently, ETH is priced at $332.50.

Ethereum is overbought

It’s been revealed that Ethereum’s on-chain metrics look weak despite its recent bullish price action.

If the trend continues, ETH could be bound for a steep correction, according to the latest reports coming from the online publication CryptoBriefing.

Ethereum hits new yearly highs

Ethereum was in the spotlight after the price of the coin broke out of the two months of stagnation.

“Upon the breakout point, the smart contracts giant shot up by more than 40% smashing through mid-February’s peak. The bullish momentum behind Ether was significant enough to push its price up to a new yearly high of $335,” the same online publication notes.

It’s been also revealed that the number of ETH-related mentions on different social media networks also went to the moon.

The online publication mentions Santiment’s Social Volumen index which registered over 3,700 new mentions recently – it’s been seen the highest social engagement activity recorded since March’s market meltdown.

Back then, Bitcoin traded below $4,000, but the crypto market recovered extremely quickly.

The same online publication mentions that ETH might be bound for a correction and we suggest that you check out their theories in the original article.

Ethereum hits new milestone

In other news, it’s been just revealed that Ethereum just marked another important achievement.

Ethereum’s number of contract calls – which is a measure of network activity – just hit an all-time high as the DeFi segment continues to see a surge in popularity.

The online publication the Daily Hodl notes that in the State of the Network report, the crypto data aggregator Coin Metrics says “Ethereum executed a record high of 3.11 million daily contract calls on July 25th.”

Stay tuned for more news.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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