Ethereum price ever high follows lowered gas costs and DeFi resurgence

Mainstream cryptocurrency adoption continues to hit new highs in 2021 thanks to the growth of popular sectors such as decentralized financing (DeFi) and nonfungible tokens (NFT).

The explosive growth of the past year would not have been possible without the Ethereum network (ETH), which saw its price break to a new record on April 27 following the successful launch of the ‘Berlin’ upgrade on April 15. .

ETH / USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets and TradingView shows that the price of Ether is up 27% over the past five days from a low of $ 2,107 on April 25 to a new high of $ 2,680 on April 27 as altcoins appear to be gaining momentum.

ETH / BTC predicted the move

There have been signs of an impending outbreak for a while, as pointed out by Raoul Paul, founder and CEO of Real Vision Group.

After its price spike on April 24, when Bitcoin (BTC) fell to $ 46,000 before hopping back above $ 54,000, Ether gained ground on the top cryptocurrency.

The battle with high transaction fees and slower confirmation times have weighed heavily on Ether price in recent months as the excitement around DeFi and NFTs sparked skyrocketing activity on the network.

After Berlin upgrade was successfully completed implemented on April 15, the average gas fee started to decline to more manageable levels, resulting in an increase in trading volume on the best decentralized exchanges such as Uniswap (UNI) and SushiSwap (SUSHI).

With a majority of the best DeFi and NFT protocols currently running on Ethereum, the increase in activity has resulted in the price of Ether rising faster than BTC in the short term, as predicted by several analysts.

VORTECS ™ data from Cointelegraph Markets Pro began detecting bullish outlook for Ether on April 25, ahead of the recent price hike.

Exclusive to Cointelegraph, the VORTECS ™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS ™ Score (Green) vs. ETH price. Source: CoinTelegraph Markets Pro

As can be seen in the chart above, the VORTECS ™ score for Ether started to grow higher on April 23, reaching a high score of 71 on April 25, about five hours before the price started to drop 11% in the next two days. rise.

With DeFi-related activity on the rise again and excitement for Eth 2.0 and the full migration to proof-of-stake, Ether price appears well positioned for further upside potential.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trade move carries risks, you should do your own research when making a decision.