Ethereum Daily Gas Usage Hits New Highs – Real Demand Powers ETH Growth
Ethereum is consolidating below the $2,700 resistance level, facing volatility but showing strong underlying fundamentals. Despite multiple attempts to break above this threshold, ETH has not achieved a daily close above it, indicating a critical battleground for market participants. Analyst Ted Pillows noted a steady increase in Ethereum's daily gas usage since 2016, reflecting real demand and network activity beyond short-term speculation. This sustained usage supports Ethereum's role in decentralized finance, NFTs, and smart contracts. While short-term price action remains constrained, the persistent demand suggests potential for a bullish breakout. A successful close above the $2,700–$2,800 zone could lead to a rally toward $3,000 and higher.
