Checking in on the Status of Ethereum NFTs as ETH Moves Towards $4k
by Shawn Johnson March 7, 2024 in Cryptocurrency
Checking in on the Status of Ethereum NFTs as ETH Moves Towards k
ETH is close to breaking $4,000.
Ethereum’s NFT sales volume dropped one place.
Ethereum [ETH] Recently, it has seen a gradual rise and is approaching the $4,000 price range. However, concurrently, as the total price of Ethereum has increased, the prices of blue-chip NFTs on the network have seen a decline.
Ethereum shows strong rally
Analysis of Ethereum’s price trend showed that its bullish trend started on February 1 when it was trading at around $2,300.
Despite experiencing occasional dips over the past month, Ethereum has successfully breached new price boundaries. Daily time frame chart examination showed a notable increase of over 70% between February 1st and the current moment.
There was a slight decline of more than 2% on March 5, bringing its price to around $3,557. However, at the time of writing, ETH showed a strong rebound, rising by nearly 8%, reaching a trading price of over $3,800 – a level last seen in 2021.
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Additionally, analysis of its Relative Strength Index (RSI) showed that it is yet to retreat from the overbought zone recorded on February 12. At the time of writing, the RSI remains above 80, indicating a strong bullish trend and overbought conditions for ETH.
Despite this positive momentum, the scenario is quite the opposite for the network’s blue-chip NFTs.
Ethereum NFTs decline as price rises
Analysis of Blur’s data focusing on Ethereum blue-chip NFTs like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Pudgy Penguin, and Azuki showed notable declines. The observed data indicates that these NFTs have collectively seen a decline of more than 20% in the last seven days.
Notably, the Mutant Ape Yacht Club (MAYC) collection recorded the most significant decline with a decline of approximately 29%. Following closely, Azuki experienced a decline of more than 27%. Bored Ape Yacht Club (BAYC) and Pudgy Penguins also suffered declines of more than 20% and 24%, respectively.
Seven-day decline in NFT volume
Analysis of seven-day NFT sales volume on Crypto Slam indicates a decrease in Ethereum’s NFT volume.
The data shows that the network’s sales volume over the past seven days was approximately $179 million, securing its place in second place, right behind Bitcoin, which recorded a volume of more than $183 million.
Notably, CryptoPunks emerged as the top-ranked collection from the Ethereum network during the past week.
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However, at the time of writing, Ethereum was the leader in 24-hour volume, with data showing over $22 million in the last 24 hours.
Despite this overall lead, its collection, Bored Ape Yacht Club (BAYC), remained in third place for highest daily volume.
Source: ambcrypto.com
