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Ethereum [ETH] NFTs were having a hard time for quite a few months as the number of mints plummeted. However, the scenario witnessed a trend reversal since last month as the numbers rose. Not only that, but user activity also registered an uptick as per the latest data.

Read Ethereums [ETH] Price Prediction 2023-24

While this happened, ETH was able to once again cross the $1,900 mark. But the uptrend did not last long, as its price once again settled under that mark. Should investors expect ETHs price to rise in the coming days?

A recent tweet posted by Nansen revealed that the number of ETH NFTs minted were declining. In fact, it reached its lowest level in May 2023 since June 2021. Not only that, but IntoTheBlocks tweet also pointed out a similar declining trend in terms of NFT sales, as they reached 50,000.

However, things have finally started to change, as pointed out by Nansens tweet, as the number of mints increased by 48% in June.

Last month, there were over 750 ETH NFTs minted. As per CRYPTOSLAMs data, the number of NFT buyers and sellers also went up by 20% in the last 30 days. Surprisingly, a look at Santiments data painted a different picture.

After spiking in June, both Ethereums number of NFT trade counts and trade volume in USD declined.

Amidst these updates, ETH once again faced a price correction, as after crossing $1,900, it again settled under that mark. According to CoinMarketCap, ETHs price declined by nearly 3% in the last seven days.

At the time of writing, Ethereum was trading at $1,860.19 with a market capitalization of over $223 billion. Are there any chances of ETH once again crossing $1,900 anytime soon? A look at its on-chain metrics gave a few answers.

As per CryptoQuant, ETHs exchange reserve was increasing, suggesting that it was under selling pressure. Its Coinbase Premium was also red, meaning that US-based investors were selling on that exchange.

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Santiments chart revealed that Ethereums MVRV Ratio was also down, further increasing the chances of a continued downtrend. Fewer new addresses were created last week to transfer ETH, as evident from the dip in its network growth.

However, the good news was that Ethereums Open Interest was declining. A drop in the metric suggested that the ongoing price trend might soon end.

The rest is here:

As Ethereum NFTs grow, heres what you should consider - AMBCrypto News