- Ethereum has doubled its valuation
- The network’s usage is increasing as well
- Ethereum has taken advantage of the bulls to move above $270
Ethereum News Today – the price of ETH has reportedly been trading at a position that was last seen on the charts in July 2019. Since the start of this year, the price of Ethereum has doubled its valuation. According to data given by CoinMarketCap at press time, ETH seen was changing hands at $272 at press time. While the ETH/USD pair just broke through a critical resistance level, it isn’t just the coin’s valuation that has risen. Let us see how the digital asset got to this final position.
Ethereum’s Network Now has More Usage as Well
Apart from ETH valuation, the digital currency‘s network usage has also been rallying. There is data to back this. In terms of the total number of active addresses, the Ethereum network has reached a level that was seen in September of last year. The total sum of active addresses has risen by 26.7%. The networks overall the transaction count has also increased by 20.77%.
According to one crypto analytics firm called Glassnode, Ether has strong fundamentals when it comes to gas usage which recorded a four-month high via the daily chart. The positive network fundamentals for Ethereum have propelled the coin’s price to reclaim its major position above $270.
At the critical position of $360, the price of Ethereum has reportedly faced some resistance on two occasions. The third time the ETH coin touched this position, was when its price went up resulting in the digital asset’s biggest breakout. We will see something interesting regarding the next price action of ETH as it approaches the $360 position.
Ethereum’s Gas Usage Last Hit ATH in September 2019
Finally, the last time Ethereum’s gas usage managed to hit an all-time high was in September of 2019. At the time, there was a huge portion of the ETH gas usage coming from the consummation of the non-standard contracts as well as from Tether. This action was also behind the re-ignition of debates surrounding Ethereum’s gas limit. Additionally, transaction activity portrayed a similar pattern as well. In line with this action, the Glassnode firm had earlier revealed this:
“No less than 25% of the transactions that were done on the ETH network were used to transfer Tether in the past week. This is now up by 1% from what was posted in June last year. While ETH/USD transfers are at about 30%, smart contract interactions making up the 45% total recent transaction counts on the network with the bulk of these in DeFi.”