Bullish sentiment soars as activity surges on Ethereum, take profit or hold for the long term?

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina)Editor's Note: This article comes from

SantimentCointelegraph Chinese (ID: CointelegraphChina)

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: COINTELEGRAPH CONSULTING, reprinted with authorization by Odaily.

The latest findings, published in Cointelegraph Consulting’s bi-weekly newsletter, suggest that the discussion about Ethereum has shifted from highly bearish to mostly bullish. Historically, this has not been good news for the price of the Ethereum token.

The recent increase brought Ethereum’s daily address count to 420,610, a three-week high and a 25.2% increase from the previous day.

Another notable trend is Ethereum’s 365-day “dormant float,” which tracks the re-movement of all tokens that haven’t changed addresses in over a year. That number has remained relatively low since bottoming out on Oct. 7, with a daily average of just 13,438 ETH recorded, suggesting long-term holders are holding on despite the recent price rally.

Ethereum's Network Profit/Loss calculates the average profit and loss of all tokens that change addresses on a daily basis, which is a good way to see which holders are panic selling at a loss. In the case of the entire market crash on March 13, 2020, the Ethereum network realized a cumulative loss of $2.9322 million, which was the lowest loss in three months. In a similar fashion, the Ethereum network posted a cumulative loss of $998,998 on Oct. 7, shortly after Ether rallied above $350.