Former U.S. President Donald Trump holds Ethereum — this news led to a surge in the social mentions witnessed by ETH. However, the news couldn't help ETH in terms of its price action as the bears still maintained their control over the king of altcoins.
The number of social interactions related to Trump’s ETH holdings triggered up to 5.6 million interactions per hour. In other words, there was a lot of social chatter and excitement regarding the former President’s crypto portfolio.
This surge in social engagement became apparent on ETH’s social dominance which briefly surged to the highest monthly level in the last 24 hours.We also observed a surge in volume in the last four days but this did not translate to bullish demand. In fact, ETH’s price action was bearish during the same period, suggesting that the volume was a reflection of sell pressure.received significantly higher visibility in the last 24 hours.
ETH bears dominated in the last few days, resulting in enough selling pressure to push below long-term ascendingETH’s Relative Strength Index dipped below its mid-point as the market favored the bears. Perhaps the next question should be whether ETH is headed for more downside or is accumulation building up in favor of a bullish pivot sometime in the next few days.ETH’s supply held by top addresses has been steadily rising in the last four weeks.
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