Ethereum (ETH) surged today not long after the aggregated altcoin market responded bullishly to Bitcoin's period of consolidation in the mid-$10,000 region. This upwards momentum has actually sent it up towards $185, which has formerly been a strong level of support for the cryptocurrency.
Now experts are keeping in mind that Ethereum's network is revealing significant strength, which might be a positive indication for the cryptocurrency's near-term price action.
Ethereum Surges Towards $185
At the time of writing, Ethereum is trading up over 3% at its present price of $185, which marks a substantial healing from its recent lows of approximately $170 that were set earlier this month.
ETH has typically observed support around this price level over the past a number of days and weeks, and its capability to surge today may indicate some hidden bullishness that might be significantly extended in the coming days and weeks.
Josh Olszewicz, a popular crypto expert on Twitter, spoke about Ethereum's price action in a current tweet, concisely saying “here's your $ETH hopium” and pointing to chart that shows a short-term long target at $320.
This revelation came to be shortly after Olszewicz remarked that all the indicators look to be resetting for BTC which, in addition to its decreasing volume and volatility, indicates a possibility that a significant “face rip” move is just about to occur.
“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,” he said.
ETH Network Showing Major Strength
It is crucial to mention that Bitcoin's hash rate– which plenty of analysts look towards as an indicator of its network strength– recently surged to all-time-highs. Ethereum's network is additionally displaying signs of substantial underlying strength.
Chris Burniske, a partner at Placeholder, detailed in a recent tweet that the new surge in ETH's gas usage– which just hit an all-time-high– signals that demand for the Ethereum network is remarkably high at the moment.
This essential robustness may indicate that significantly further gains are imminent, as widespread network utility might ultimately be followed by a rise in the cryptocurrency's price, which is presently reclaiming what previously proved to be a strong support level.
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