Price v. Active Addresses – could ETH be undervalued?

Disclaimer: I'm not an expert

We are now reaching a gap in Price vs. Active addresses (AA) that we previously had seen in Feb/March when price crashed from $980 to $374 USD – but this time it’s flipped. When examining the chart below the correlation between AA and price from Oct 1st to now based on a 30 day exponential moving average is ~89% and from mid July to now it is ~58%. During the peak and as the bubble began to pop AA deviated from price but price eventually returned around the beginning of April and remained tightly correlated until mid July. This is when AA began to deviate from price on the opposite side as it did when the bullrun ended. Don’t get me wrong this doesn’t necessarily mean anything but if the data were to be relevant to the value of the network then this would be an indication that the network is undervalued at this time, therefore there should be a reduction in deviation, returning price to a range that is more in tune with AA.

https://i.redd.it/e6n5y224vel11.jpg

Edit: grammar

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