Don't think so, we are already in the cooling phase, with the upcoming release of homestead price will likely rise and THEN cool off again at a later time
I actually think the price will drop a lot since the mining reward will be x10. It's just not normal that one day you mine ~1$ with R9280X and the next day ~10$.
Price will fall bigtime!
There are an awful lot of ETH out there, but the demand side of the equation is just as important..... And I can't help but wonder if soooo many people are laboring under the misconception of an increase in mining rewards under homestead, that it is having a negative effect on the price right now.