Ethereum founder and creator Vitalic Buterinebelieves that Ethereum has a bullish outlook and that the altcoin network will soon become the world computer, a flexible base layer for online applications. On the other hand, the number of users on the largest smart contract platform has exploded in the last two weeks.
The number of active users on the Ethereum network exceeded 18.36 million
Vitalik Buterin planned and launched the Ethereum network to develop a base layer for online applications. Since its launch in 2015, the Ethereum network manages to be one of the most active smart contract networks.
The number of active users with non-zero wallets reached 18.36 million, creating a new milestone for Ethereum. While many crypto communities have argued that the network may not be the preferred placement layer due to high transaction fees, the overall value of apps running on top of the smart contract platform has exploded.
Buterin told The Defiant in a recent interview that the upcoming merger between Proof of Stake (PoS) and Ethereum’s application layer is significant. Ethereum networks co-founder has a bullish outlook on the altcoin and believes that upcoming updates can ensure sustainability on the blockchain.
Increasing on-chain activity and the booming utility of applications on the Ethereum (ETH) blockchain are considered bullish catalysts for altcoin price.
Analysts evaluated the Ethereum price trend and identified a bullish pattern with upside-down head-and-shoulders. This pattern marks the end of the bearish phase and the beginning of the uptrend.
Analyst, known by the alias @Phoenix_Ash3s, Ethereum (ETH) set a target of $3,600 for its price. Analysts at FXStreet, on the other hand, believe that a short squeeze has occurred on the Ethereum network that could trigger a rally to $4,000.
Analysts argue that $3,000 is an important psychological level for altcoin price, and a daily close above $3,100 could send the altcoin to its target of $4,000.
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