Google requests for “Ethereum” are at their highest ever. What to see coming a new absolute record (ATH) for the Ether currency (ETH)?
Will Ether (ETH) soon experience ATH?
This is the question investors are asking, who welcome the stratospheric breakthrough of altcoin at the start of the week. After jumping above $ 1,100 , ETH is once again approaching its “All time high” (ATH) at $ 1,448.
That said, altcoin has so far broken its teeth at the $ 1,300 threshold, and just like Bitcoin (BTC), it fell overnight, losing 17% in a matter of hours. :
Google, an effective fortune teller?
But despite this decline, some are convinced that interest in Ethereum and its ETH asset is at its highest, and will propel it towards an ATH soon. Google queries are often used to measure the general population’s interest in cryptocurrency. And where this is interesting for ETH is that the number of “Ethereum” requests will soon exceed the levels of December 2017 , during the last bull run, according to Google’s predictions:
Notably, “Bitcoin” requests should not exceed the level of December 2017, according to Google Trends. This suggests that we are indeed witnessing a new interest in Vitalik Buterin’s project. Can we then predict when ETH will exceed its ATH?
“Using data from Google Trends, it would appear that the price of Ether follows a week’s queries. This means that we could see the price of ETH reach a new ATH between January 10th and 16th . “
The limitations of Google Trends
While Google queries are often correlated with an increase in price , they cannot be relied on too heavily to predict future price movements of a cryptocurrency. The general population’s interest in Bitcoin or Ether does not indeed strongly predict massive purchases, even if it shows that cryptocurrency is now well beyond the field of insiders.