The world’s largest cryptocurrency Bitcoin (BTC) has reached 9-month highs yesterday, surpassing $28,000 for the first time since June 2022.
Along with Bitcoin, good rises were seen in altcoins.
In this context, the largest altcoin Ethereum (ETH) has also reached its highest level in the last 7 months, reaching above $ 1,800.
While Ethereum reached $1,842, ETH sharing came from the popular cryptocurrency platform Santiment.
Pointing out that the demand for Etherum has increased, Santiment stated that despite this increase in demand, there has been no increase in network transaction fees.
Stating that this is a bullish sign, Santiment stated that as the ETH price rises, the ETH gas fee drops below $ 2 per transaction.
In this context, Santiment evaluated Ethereum’s effectiveness, usage and demand together, arguing that the network is still not warming up despite the high demand, and believes there is an open door for ETH $2,000 and above.
“The price of Ethereum has not exceeded $1,840 since August 18.
Despite the peak of the last 7 months, the ETH network is warming up and does not appear to be creating significant transaction barriers due to high demand.
This is a good sign that ETH has an open door to $2,000 and above. “
🤑 #Ethereum's price hadn't eclipsed $1,840 since August 18th. Despite this 7-month high, the network hasn't appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that $ETH has a door open to $2k and beyond. https://t.co/BRPXA48BUq pic.twitter.com/0J5teo4Rh9
— Santiment (@santimentfeed) March 20, 2023
Ethereum, which has increased by over 12% in the last 7 days, went up to $ 1,842. ETH, which has withdrawn from this level, is trading at $ 1,780 at the time of writing.
*Not investment advice.