Here's what indicators suggest on $ETH price rebound attempts Ethereum Crypto ETH Merge
The on-chain analytics firm also noted that Ethereum has correlated tightly with the S&P 500 while Bitcoin has fallen short."Both Ethereum and the SP500 bounced all the way back to their respective May price levels in mid-August, but Bitcoin has still lagged behind," Santiment wrote.
Based on the NVT model, which monitors token circulation, Santiment wrote,"Ethereum has seen some very up and down circulation throughout its past two years rally. May 2020 through May 2021 was clearly the 2 market cap assets' time to grow. And even once it hit some volatility from June 2021 to November 2021, its shaky circulation was still enough to allow it to hit an all-time high.
This may signify a stable holding pattern is been reached, as investors await a successful Merge, scheduled for mid-September.
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