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One Metric Will Dictate Ethereum (ETH) Price Action As Massive Upgrade Approaches, Says Analytics Firm Santiment
Crypto analytics firm Santiment is taking a close look at leading smart contract platform Ethereum (ETH) in advance of the project’s upcoming shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism.
According to a new post, the data aggregator kugqamisa the chatter on social media in advance of the mid-September transition to ETH 2.0 as a key indicator of how the crypto asset will likely move prior to the upgrade.
“With Ethereum’s final testnet merge Thursday, prices briefly jumped above $1,900. Developers confirmed that the much anticipated ETH upgrade will happen on September 15th or 16th.
Social volume will dictate price volatility leading up to the event.”
umthombo: Umdaniso / iTwitterI-Santiment elandelayo hlola both Ethereum and the overall altcoin field, noting that despite a market-wide rally over the past month, traders are not behaving so exuberantly as to risk a flash crash.
“Ethereum’s +80% price increase has gained the most attention of any asset over the past 30 days, but altcoins in general have been in a great place since late June. There isn’t major euphoria happening, either, which is a sign things can continue.”
umthombo: Umdaniso / iTwitterDigging deeper into the charts, Santiment lwenza two observations about Ethereum, suggesting that ETH remains in a bullish path.
“Ethereum surged back over $1,880 after a positive CPI report Wednesday.
This two-month high in price came with a major influx of ETH transactions valued at $100,000 or more. This is happening in tandem with whale addresses appearing to be accumulating.”
umthombo: Umdaniso / iTwitterEarlier in the week, the analytics firm yabiza ingqalelo to the Ethereum network hitting a yearly milestone by averaging more than 546,000 daily active addresses over the past month just as its price surpassed $1,800 for the first time in 60 days.
“Ethereum has jumped above $1,800 for the first time in two months today. Powered by a steadily rising rate of unique addresses interacting on the ETH network, continued recovery will depend on BTC staying relatively stable, and mitigated trader FOMO.”
umthombo: Umdaniso / iTwitterEthereum continues to rally after its mid-week surge, up another 4.30% over the past 24 hours and changing hands for $1,963.
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