Google searches for ethereum have never been lower since February 2017, standing at 3 out of 100 in the United States.
Worldwide they stand at 5 out of 100, again the lowest level in nearly three years while the 100 peak was in December 2017, almost two years ago.
Social volumes have also capitulated according to analysis from Santiment, a crypto data analytics company.
Their spokesman says there’s a certain pattern and an apparent correlation between social volumes and price.
He claims chatter about ethereum reaches a peak when price peaks either temporarily or more long term, with chatter then reaching a low when price reaches a local or more long term low.
Referring to the above chart, the analyst says: “as indicated by these descending arrows, social volume (or the amount of online hype and discussion surrounding a given coin) generally peaks at tops and bottoms of price movements for Ethereum.
Sometimes these peaks are temporary, followed by even higher price tops after minor pullbacks (as indicated by the first social volume peak in early May). And sometimes these tops are legitimate and indicate an absolute top is in.
Note the spike where the third arrow starts, illustrating that the discussion about ‘ETH being dead’ started picking up steam. Now, we’re starting to see a bit of social volume rise again as doubt is creeping in with Ethereum approaching its 6-month low levels again.
This graphic really illustrates the power of social volume as a reflection of reversal indication (even if a temporary one).
Though I personally wouldn’t call this a social volume spike just yet, we’ll be watching this indicator closely to see if it shows signs of temporary capitulation as it did in mid-July and late-September right before price began to rise again.”
Correlation of course doesn’t mean causation and even if it does in this case it isn’t clear which is causing which, as in which is moving first.
You’d think there would be some sort of feedback loop where increased interest causes an increased price which causes further increased interest with that at some point reaching saturation.
The main finding however is that chatter is picking up which apparently indicates a potential price rise, but whether that will be the case remains to be seen.