Key Points

Ethereum’s sentiment and social volume have declined, but its funding rate remains positive.
New Ethereum addresses continue to increase despite a weak sentiment.

Despite recent declines, Ethereum’s funding rate has managed to stay positive.

The trend for Ethereum has also continued to be bullish despite the price drops.

Ethereum Sentiment and Social Volume

After the initial excitement over the approval of Ethereum’s spot ETF faded, its weighted sentiment saw a decline.

Despite this, other metrics suggest that Ethereum might be set for a positive run once spot trading resumes.

An examination of the Santiment sentiment chart showed a drop in Ethereum’s sentiment.

The chart showed that the weighted sentiment had a brief spike to over 6% on the 20th and 21st of May.

The spike coincided with the news of the ETH spot ETF approval, indicating increased conversation and sentiment during that period.

However, since then, the weighted sentiment has been on a decline and has now turned negative.

The negative sentiment now outweighs the positive sentiment that Ethereum enjoyed a few weeks ago.

Despite the weak sentiment, the Glassnode new addresses chart showed that new addresses have continued to flow in.

There were declines at the beginning of the month, but an uptrend is now evident.

This suggests that more addresses are being created even before the spot ETH trade gets underway.

The number of addresses could see a further increase once trading starts.

An examination of Ethereum’s weighted funding rate on Coinglass showed that it has stayed positive despite recent declines.

This suggests that buyers dominate the market, and there is a strong belief in a future rise in Ethereum’s price.

At the time of writing, Ethereum was trading at around $3,690 after a 0.4% increase.

These slight increases followed an over 3% decline on 7th June, which brought Ethereum down from the $3,800 price range.