Checking the state of Ethereum NFTs as ETH soars toward $4k

  • ETH moves closer to breaching $4,000.
  • Ethereum’s NFT sales volume drops a spot.

Ethereum [ETH] has experienced gradual upward movements recently, approaching the $4,000 price range. However, concurrently, as the overall price of Ethereum has risen, the blue-chip NFTs on the network have witnessed a decline in their prices.

Ethereum shows strong rebound

The analysis of Ethereum’s price trend showed that its uptrend started on 1st February when it was trading at about $2,300.

Despite encountering occasional downtrends over the past month, Ethereum has successfully breached new price ranges. The daily timeframe chart examination showed a remarkable increase of over 70% between 1 February and the current moment. 

On 5th March, there was a slight decline of over 2%, bringing its price to around $3,557. However, at the time of this writing, ETH displayed a strong rebound, with an almost 8% increase, reaching a trading price of over $3,800—levels last seen in 2021.

Source: Trading View

Additionally, an analysis of its Relative Strength Index (RSI) showed that it was yet to retreat from the overbought zone it entered on 12th February. At the time of this writing, the RSI remained over 80, signifying a strong bull trend and an overbought condition for ETH.

Despite this positive momentum, the scenario is quite the opposite for the network’s blue-chip NFTs.

Ethereum NFT declines as price rises

An analysis of data from Blur focusing on Ethereum blue-chip NFTs such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Pudgy Penguins, and Azuki showed a notable decline. The observed data indicated that these NFTs have collectively experienced a decline exceeding 20% over the past seven days. 

Notably, the Mutant Ape Yacht Club (MAYC) collection recorded the most significant downturn, with an almost 29% decline. Following closely, Azuki experienced a decline of over 27%. Bored Ape Yacht Club (BAYC) and Pudgy Penguins also faced over 20% and 24% declines, respectively.

Seven-day NFT volume declines

An analysis of the seven-day NFT sales volume on Crypto Slam indicates a decrease in Ethereum’s NFT volume.

The data showed that the network’s sales volume over the past seven days amounted to about $179 million, securing its position in second place, just behind Bitcoin, which recorded over $183 million in volume.

Notably, Crypto Punks emerged as the top-ranked collection from the Ethereum network during the previous week.

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However, at the time of this writing, Ethereum was leading in the 24-hour volume, with data showing over $22 million in the last 24 hours.

Despite this overall lead, its collection, the Bored Ape Yacht Club (BAYC), held the third position for the highest daily volume.

Next: BNB: Rising MEV bots and sandwich attacks a cause for concern?

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