There are several ways to substantiate price moves. One looks at volumes, the other at the number of transactions, and so on. I want to provide a different view: the Google trend index. Google has the great tool to search for specific search terms and find out whether it is searched a lot or not.
I tried it for Ethereum and it turns out it follows the trend index follows the price quite closely. If you're willing to see it, you may even say the trend index leads the price. So what do we see? We notice that the search terms went up from almost nothing to its peak in June. The following drops, however, are different. Ethereum fell back to a trough of almost $150 mid-July and recovered ever since. The Google Trend Indicator even dropped earlier, but only reached the bottom at the end of July.
This might be an indication that the price of Ethereum will even increase further, as crowd support kicks in again. There is still a long road ahead for Ethereum to get back to its peak price given the current price of $288, but the search terms are only half way. In short, the Google index shows that Ethereum is gaining popularity again and therefore the latest price move will continue.
Feel free to share your opinions!
