The Google “ETH” searches hit an all-time high as of today and not too many crypto search terms have come close to their peaks in spite of the new bull market but it seems that ETH is a notable exception as we can see in today’s Ethereum news.
More people are searching for the word “Ethereum” and “ETH” now than they ever did before. Google “ETH” searchers according to Google Trends reveals that the number of searches being performed on the search engine is at an all-time high, surpassing the search interest during the height of the last ETH bull run. The previous peak in search term popularity was back on January 13, 2018, when the price of ETH was $1432. Historically considered as a “folk metric” the rising Google Analytics interest score for a crypto search term is associated with the positive sentiment for the particular coin/project.
While it does make sense that the search interest on ETH will peak during the run-up to a new all-time high, the same cannot be said for google searches on BTC which remain at 65% of its peak popularity in 2017. With that said, many more people are searching for BTC rather than Ethereum by the ratio of 1:1. The increase in popularity for various crypto search terms could spawn a self-perpetuating bull run because many investors make purchases and boost the price upwards which means they spark more interest that leads to a greater number of searches.
Using Google Trends data it looks like the Ethereum price lags the searches by one week.
We could see the Ethereum price hit a new ATH between the 10th – 16th January. pic.twitter.com/WBmWgevZ3r
— IMineBlocks ⛏️ (@IMineBlocks_com) January 7, 2021
Google Trends also provides more data corresponding to relative interest by region and the nations with the highest interest in ETH as a search term are Macedonia, Kosovo, Slovenia, China, and Nigeria. Here are some of the crypto-related keywords that had a peak in interest: “Ethereum”, “DeFi”, “Ethereum Classic”, “crypto Trading”, “bitcoin”, “dapp”, “Vitalik Buterin.” Some of the less searched words include “XRP” with 42% search interest, Satoshi-42% search interest, Blockchain-41% search interest, Litecoin-14% search interest, and Bitcoin Cash with 9% search interest. Most of the terms above have been increasing in search frequency over the past few weeks.
As reported earlier, There was also a break above the $1200 level in ETH’s price and a close above the 100 hourly simple moving average. The ETH price traded to a new multi-month high close to the $1230 level and it is now consolidating the gains. The initial support on the downside is also near the $1200 level. The pair is close to the 23.6% fib retracement level from the upward move at the $1109 swing low to the $1230 high.
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