- Ethereum’s development activity and submission rate on Github is at its highest level in 2021
- This increment coincides with Ethereum trading back above $1,700
- However, social sentiment towards ETH remains bearish but could signal the beginning of a new trend up as the new month approaches
The digital asset of Ethereum has had an increment in development activity and submission rate on Github. This is according to data by the team at Santiment which also points out that the submission rate on Github is at its highest level this year. The team at Santiment shared this information through the following statement and accompanying chart.
Ethereum is now back above $1,720. This coincides with an impressive increase in development activity for the #2 #crypo asset, which is now seeing its highest level of #github submission rate in 2021 (using Sanbase 3-hour timeframes for measurement).
Ethereum’s Price Could Benefit from Increased Developer Activity
From the chart above, it can be observed that an increase in Ethereum development activity usually precedes a price increment. This is best exemplified by the high Ethereum development activity witnessed in early January and the subsequent all-time high value in mid-February of $2,042 – Binance rate.
As mentioned by the team at Santiment, Ethereum is once again trading above $1,700 and the high rate of Github commits could foreshadow a significant price increment in the days and weeks to follow.
Ethereum’s Crypto Twitter Sentiment Mood Remains Bearish
In an earlier analysis, the team at Santiment had noted that the crypto Twitter sentiment towards Bitcoin and Ethereum was in bearish territory. According to their analysis, bullish price movements usually begin when the overall trader sentiment is negative. They cited the last Bitcoin push from $47k to $54k in 3 days as an example to demonstrate that a similar feat might occur as a result of the current negative trader sentiment.
The bearishness towards Bitcoin and Ethereum could be a result of the two upcoming events of the weekly close tonight and the monthly close on Wednesday. Traders are expecting some level of volatility in the downward direction as the month of March is historically a red one. Therefore, Ethereum might experience a few more days of turbulence before ETH can continue on its journey towards $2k.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.