While legacy markets and Bitcoin have rejected from local highs, Ethereum has been holding up well. Since the launch of Uniswap’s UNI token, the price of the leading cryptocurrency has surged around 6-7%.
From the lows set earlier this month, the coin is up in excess of 20%, shocking some commentators who thought this market was on the verge of a bear trend.
Ethereum is primed to move even higher in the days ahead.
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Ethereum Could Soon Move Even Higher After Bounce From Lows
Ethereum is primed to continue its ascent in the days ahead as on-chain statistics favor bulls, blockchain analytics firm Santiment reported on September 17th.
According to their data, there is a divergence forming between ETH’s price action and the daily active address count on the Ethereum network. The last time such a divergence was seen was prior to a strong 20% uptrend in August/Early-September. This is also the first positive divergence since August, suggesting that bulls may soon reassert control over ETH’s price action:
“$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.”
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