- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
BTC steadies as Microsoft shareholders vote on investment proposal looms
Bitcoin hovers around $97,800 on Tuesday after almost a 4% drop on Monday as traders look at the upcoming Microsoft shareholders' vote on Tuesday to add BTC to the balance sheet, a move that, if approved, could catalyze a further rally.
Altcoins LTC, CRV and ONDO recover after retesting key support levels
Litecoin, Curve DAO and Ondo prices recover on Tuesday after retesting and bouncing off key support levels following Monday’s double-digit correction. The technical outlook suggests a further recovery ahead, with the MACD momentum indicator supporting the rebound.
DOGE and SHIB leveraged traders wiped out: Over $108 million in liquidated
Dogecoin and Shiba Inu prices continue to edge down on Tuesday after falling more than 10% on Monday. The recent downturn at the start of this week has liquidated over $108 million from these dog theme-based memecoins in the last 24 hours.
SEC Commissioner Caroline Crenshaw tagged more anti-crypto than Gensler as voting approaches
Crypto advocacy group Cedar Innovation Foundation and several industry leaders are rallying against the renomination of SEC Commissioner Caroline Crenshaw, who allegedly opposed the approval of the spot Bitcoin ETFs in January.
Bitcoin: Long-awaited $100K milestone meets profit taking
Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.