Ethereum’s Price Could Benefit from Increased Developer Activity
From the chart above, it can be observed that an increase in Ethereum development activity usually precedes a price increment. This is best exemplified by the high Ethereum development activity witnessed in early January and the subsequent all-time high value in mid-February of $2,042 – Binance rate.
As mentioned by the team at Santiment, Ethereum is once again trading above $1,700 and the high rate of Github commits could foreshadow a significant price increment in the days and weeks to follow.
Ethereum’s Crypto Twitter Sentiment Mood Remains Bearish
In an earlier analysis, the team at Santiment had noted that the crypto Twitter sentiment towards Bitcoin and Ethereum was in bearish territory. According to their analysis, bullish price movements usually begin when the overall trader sentiment is negative. They cited the last Bitcoin push from $47k to $54k in 3 days as an example to demonstrate that a similar feat might occur as a result of the current negative trader sentiment.
The bearishness towards Bitcoin and Ethereum could be a result of the two upcoming events of the weekly close tonight and the monthly close on Wednesday. Traders are expecting some level of volatility in the downward direction as the month of March is historically a red one. Therefore, Ethereum might experience a few more days of turbulence before ETH can continue on its journey towards $2k.
Source: Read Full Article