What is the factor that can cause Ethereum to pump?
According to these data, Ethereum is preparing for a big price move in the near term! Here is the critical factor that can pump the Ethereum price, which has seen a 20 percent increase after the last decline in the crypto market…
The critical factor that can pump the Ethereum price by 20 percent
While traditional markets and Bitcoin were rejected from yearly highs; Ethereum is doing relatively well. Since the launch of Uniswap’s UNI token, the price of the largest altcoin has risen by about 6 to 7%.. And this rise has shocked some commentators who think that the market is on the verge of a bear trend.. So, what could be the critical factor that can pump the Ethereum price?
Ethereum is poised to continue its upward trend in the coming days, according to a September 17 statement by blockchain analytics firm Santiment.. Because the on-chain statistics are in favor of the bulls.
“Ethereum may rise even higher soon!”
What about Ethereum?
According to Santiment data, a mismatch occurs between the price action of ETH and the number of daily active addresses on the Ethereum network. The last such divergence was seen before a strong 20% rise in late August and early September.
This is also the first positive divergence since August. And it signals that the bulls may soon dominate the Ethereum price again:
$ETH has separated from $BTC on a bullish Thursday, as our DAA Divergence Model indicates it has room for more growth on a refreshing +7% price surge. On the day, #Ethereum is on pace for 456k active addresses, which would be its highest output since 8/8. https://t.co/9HYBYhIYgm pic.twitter.com/f1rStj5F03
— Santiment (@santimentfeed) September 17, 2020
“ETHUSD split from BTC on Thursday, when positive price movements were seen. And our DAA Deviation Pattern shows it could hit another 7% price increase. At the same time, Ethereum is approaching 456K active addresses, the highest result since 8/8.”
ETH’s long-term fundamental dynamics are still good despite the recent price action to the downside. .
Chris Burniske, a partner at Placeholder Capital, recently explained what he expects from Ethereum in the current market cycle and commented: ETH will be involved first – wait for a frenzy to make it happen. Given the smaller network value and strong on-chain fundamentals, as well as the way ETHUSD has outperformed BTCUSD to date, I see no reason why ETHBTC should not surpass ATHs.”
Joseph Todaro of Blocktown Capital also supports this view.. The analyst said that Ethereum saw peaks in the last bullish cycle thanks to ICOs, but this time DeFi will push Ethereum to much higher levels:
“ICOs in 2017 helped ETH surpass $100 billion market cap. In the next cycle, Defi will likely contribute to the $1 trillion market cap of ETH.”
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