Ethereum Price Analysis – Leveraged positions at record highs » Brave New Coin

Ethereum (ETH) tumbled more than 40% this month, before recovering slightly over the past week on record-setting exchange volume. The market cap stands at US$21 billion, with US$1.72 billion traded in the past 24 hours.

The number of transactions per day recently dropped below 500,000 for the first time since July. Pending transactions are currently holding around 60,000. Average transaction fees have hit their lowest levels since October 2017. Based on the transaction and fee decline, the popularity of “trade mining,” which reimburses exchange fees to users via native platform token, appears to have waned.

Source: bitinfocharts.com

The 30-day Kalichkin network value to estimated on-chain daily transactions (NVT) ratio (line, chart below) has been in decline since June 13th after surpassing a two year high. Inflection points in NVT can be leading indicators for a reversal of an asset’s value. A clear downtrend in NVT suggests a coin is undervalued based on its economic activity…