Hello Steemit,
Recently, I was messing around on the ethtrader subreddit (https://www.reddit.com/r/ethtrader/) when I came across a link in the sidebar to a site called Cryptosignal. I hadn't ever seen the link or the website, so I checked it out, and what I found was interesting.
On https://cryptosign.al/, you can use multiple tools to find patterns between coin prices and other data. The front page loads a chart that shows the correlation between Bitcoin's price and its hash rate.
As you can see, the price of Bitcoin follows its hash rate pretty closely, with a correlation of .9.
I then checked out Ethereum.
Ethereum's correlation between its hash rate and price is even higher at .95. However, as you can see near the end of the chart, the price line has dipped below the hash rate line pretty significantly during the past couple of weeks. If the trend continues with the price following the hash rate, then it looks as if Ethereum is undervalued right now and is bound for a good price increase soon.
Happy trading everyone!
