Ethereum Network Demand Skyrockets, But What About The Price?

Ethereum network demand is increasing dramatically after the altcoin market in general responded bullishly to the consolidation of the number one cryptocurrency as we reported earlier in the altcoin news. This momentum has sent it up towards the $185 region which has been a decent level of support for the cryptocurrency earlier.

The analysts noted that the Ethereum network demand is expressing significant increase and the network is strengthening which may be a good sign for the near-term price action for the ETH token.
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At that time of writing, Ethereum is trading over 3 percent from its previous price, reaching $185 which marks a strong recovery from the recent lows of more than $170 that were set at the beginning of the month. ETH managed to find support around this price level in the past few days and weeks and now it is able to surge and underline the bullishness that could be extended in the upcoming day.s

The popular crypto trader Josh Olszewics posted on Twitter about the Ethereum price action saying ‘’here’s your $ETH hopium’’ and pointed on the charts that show a near short-term long target at $320. This target was set just when Oszewicz said that all of the indicators are resetting for BTC which in addition to its volume and volatility, it could even reach a ‘’face rip’’ move that will be imminent:

 “Indicators/oscillators all resetting or reset on $BTC. Volume basically dead, volatility plummeting. OI nearing infinity on bmex and dbit. Face rip move coming soon.’’

Here it is important to mention Bitcoin’s hash rate which many analysts saw it as a sign of its network strength which recently surged to all-time highs. Ethereum’s network is also showing signs of strength. The partner at Placeholder Chris Burniske explained that the recent surge in the gas usage of ETH signals that the demand for Ethereum network is high at the moment:

 “This can be read as: demand for #Ethereum’s world computer is at ATH.’’

As per the latest cryptocurrency news reports, the fundamental robustness could mean that the significantly further gains are imminent and the network utility may be followed by a surge in the price of the cryptocurrency.