Ethereum price reaches all-time high following gas cost reduction and DeFi resurgence

The explosive growth of the past year would not have been possible without the Ethereum network, with the price of Ethereum breaking its all-time high on April 27 following the successful launch of the “Berlin” upgrade on April 15.

ETH/USDT 4-hour chart Source: TradingView

Over the past five days, as altcoins appear to be gaining momentum, Ethereum’s price has risen from a low of $2,107 on April 25 to an all-time high of $2,680 on April 27, according to data from Cointelegraph Markets and TradingView.

ETH/BTC foreshadows this trend

As Raoul Pal, founder and CEO of Real Vision Group, points out, signs of an impending breakthrough have been appearing for some time.

To be honest, I’m staring at the ETH/BTC chart and I see a massive rounding bottom with the potential for a massive breakout.

— Raoul Pal (@RaoulGMI) April 21, 2021

During the price shock on April 24, when Bitcoin dropped to $46,000 before rebounding to over $54,000, Ethereum became the most popular cryptocurrency.

Over the past few months, Ethereum’s price has been plagued by high transaction costs and slow confirmation times as activity on the Ethereum network has surged due to the excitement surrounding DeFi and NFTs.

After the Berlin upgrade was successfully carried out on April 15, average gas fees began to drop to more manageable levels, which also led to an increase in trading volumes on top decentralized exchanges such as Uniswap and SushiSwap.

With most of the top DeFi and NFT protocols currently running on Ethereum, the increase in activity could cause Ethereum’s price to appreciate faster than Bitcoin in the short term, as some analysts have predicted.

Ethereum is expected to rise 15% to 20% more than Bitcoin in the coming weeks

Of course, there is still room to rise on higher time frames

If this happens, altcoins will have a good rally afterwards

Don’t worry, we still really like Bitcoin and it’s about to go up!

— Rager (@Rager) April 27, 2021

Cointelegraph Markets Pro’s VORTECS™ data began detecting a bullish outlook for Ethereum prior to the recent April 25 price rally.

The VORTECS™ Score, provided exclusively to Cointelegraph, is an algorithmic comparison of historical and current market conditions across data points including sentiment, trading volume, recent price volatility and Twitter activity.

VORTECS™ Score (green) vs. ETH price Source: Cointelegraph Markets Pro

As shown in the chart above, Ethereum’s VORTECS™ score began to trend higher on April 23 and reached a high of 71 on April 25, about five hours later, before increasing in price by 11% over the next two days.

With DeFi-related activity rising again and excitement surrounding Ethereum 2.0 and the full migration to proof-of-stake, the price of Ethereum looks set to rise further.

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