Although not the most sophisticated data tool, Google Trends is a way to get a rough idea of the level at which Internet users around the world are interested in a particular topic.
To that end, Google Trends data for the search terms “Ethereum” and “NFT” revealed an unmistakable final result. This has been a decline in search interest since the beginning of the year.
Source: Google Trends
Does this drop-off affect prices and market movements? Now, at the time of pressing, Ether [ETH] It was trading at $ 2,854.57 after falling 3.17% in a day and 2.14% in a week.
On the other hand, when interest in Ethereum was high, around January 25, ETH was trading for only about $ 2,400. Therefore, a large number of searches does not mean that the price will be high, and vice versa.
But what about NFTs? According to CryptoSlam, Ethereum’s NFT sales volume has fallen by 15.90% in the last 24 hours. However, sales over the last 30 days have increased by 53.25%. Again, the decline in search interest is not exactly the same as the decline in price or volume.
Let’s stop “weighing” for me
According to Santiment’s data, Ethereum investors will not be in tears despite falling prices. In fact, weighted sentiment towards ETH showed that investors were declining from the surge in euphoria. Such was last seen before the December 2021 crash. This may have helped cause the recent price decline. Still, the weighted sentiment at the time of the press was 0.942, suggesting that the card could fall further.
Source: Santiment
That said, ETH supply on the exchange is still declining at the time of the press, indicating that investors are unlikely to be drawn into large-scale sellouts. A continuous decline in ETH on the exchange, or betting on ETH, can help raise the price of assets and start a bull run over time.
Source: Santiment
Lots of “whataboutery”
So Ethereum may be able to hold itself in a turbulent market, but what about the still booming NFT industry? Will it survive the red market?There are several reasons to worry, but one positive sign is that Opensea [Ethereum] Monthly volume is already above last month’s level.
Source: Dune Analytics
In addition, daily trading volumes have recovered significantly since mid-April. If this continues, it could help both the NFT industry and the Ethereum ecosystem.
Source: Santiment
