Vitalik Buterin believes Ethereum could become world computer, network activity explodes
- In a recent interview, Vitalik Buterin revealed that he is confident Ethereum will become mainstream and the most secure base layer.
- The number of users on the Ethereum network has exploded, hitting 18.36 million with a non-zero balance.
- Analysts eye a bullish pattern in the Ethereum price chart, set a target of $3,600 for the altcoin.
Ethereum creator Vitalik Buterin has a bullish outlook on Ethereum and believes that the altcoin network could soon become the world computer, a flexible base layer for online applications. The number of users on the largest smart contract platform has exploded in the past two weeks.
Number of active users on the Ethereum network crosses 18.36 million
Vitalik Buterin created the Ethereum network to develop a base layer for online applications. Since 2015, the Ethereum network has been one of the most active smart contract networks.
Ethereum hit a new milestone as the number of active users with non-zero balance climbed to 18.36 million. Though proponents argue that the network may not be the preferred settlement layer due to high transaction fees, the total value of applications running on top of the smart contract platform has exploded.
In his recent interview, Buterin told The Defiant that the upcoming merge between Proof of Stake (PoS) and Ethereum’s application layer is significant. The co-founder of the Ethereum network has a bullish outlook on the altcoin and believes that the upcoming updates could drive sustainability on the blockchain.
The rising on-chain activity and exploding utility of applications on the Ethereum blockchain are considered bullish catalysts for the altcoin’s price.
Analysts have evaluated the Ethereum price trend and identified a bullish pattern, the inverse head-and-shoulders. This pattern indicates the end of a bearish phase and the onset of an uptrend.
@Phoenix_Ash3s, a pseudonymous crypto analyst, has set a target of $3,600 for Ethereum price. Analysts at FXStreet believe that a short squeeze is brewing in the Ethereum network that could trigger a spike to $4,000.
Analysts argue that $3,000 is a key psychological level for the altcoin’s price, and a daily close above $3,100 could send the altcoin to its $4,000 target.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
