Here’s Why Ethereum Price Is Likely To Turn Positive Soon Per Santiment

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Yuri Molchan

According to recent analysis data, Ethereum is facing a bullish divergence and may see a price increase soon

Santiment on-chain data provider has published a tweet showing why the second-largest cryptocurrency, Ethereum, may see its price rise soon.

“Uptrend and Bullish Divergence”

According to a recent tweet from Santiment, the number of unique addresses that have interacted with the Ethereum chain has seen a slight increase in the past month, while the ETH price has fallen (to a low of $2,879 on April 27).

The Santiment team emphasizes that Ethereum’s utility is increasing, providing strong conditions for an ETH price increase.

Ethereum Traders Profit Despite Price Drop

As reported by another data provider, IntoTheBlock, nearly 70% of Ethereum addresses are recently holding the asset for profit.

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Ethereum’s profitability remains high despite its 40% drop in price compared to the historic peak of $4,891 that ETH reached on Nov. 16.

At the time of writing, ETH stands at $2,929, up 1.3%, but still trading below the key psychological level of $3,000.

Ethereum’s “Merge” Is Happening This Summer

Ethereum’s major and most anticipated upgrade, “Merge” (aka Ethereum 2.0) is planned for this summer by ETH developers, but the exact date has not yet been confirmed.

This includes a shift of Ethereum from the energy-consuming proof-of-work authentication mechanism to the proof-of-stake mechanism, which is believed to be more environmentally friendly.

Many are optimistic about this upgrade, including billionaire investor Mark Cuban, owner of the Dallas Mavericks team. In addition to becoming a greener crypto, this upgrade will reduce the coin’s circulating supply as far fewer Ethers will be minted via PoS.

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