Analysts expect Ethereum price to rally to new all-time highs after the Berlin upgrade results in a drip in gas fees and a surge in DeFi activity.

Mainstream adoption of cryptocurrency continues to reach new highs in 2021 thanks to the growth of popular sectors like decentralized finance (DeFi) and nonfungible tokens (NFT). 

The explosive growth seen over the past year would not have been possible without the Ethereum network (exposedcrypto.com/ethereum-price-index”>ETH), which saw its price break out to a new all-time high on April 27 following the successful launch of the ‘Berlin’ upgrade on April 15.

ETH/USDT 4-hour chart. Source: TradingView

Data from exposedcrypto.com/ethereum-price-index”>Cointelegraph Markets and TradingView shows that the price of Ether has rallied 27% over the past five days from a low of $2,107 on April 25 to a new record high at $2,680 on April 27 as altcoins appear to be gaining momentum.

ETH/BTC foretold the move

Signs of an impending breakout have been appearing for a while as pointed out by Raoul Paul, founder and chief executive officer of Real Vision Group.

Following the price shakeout on April 24 when Bitcoin (exposedcrypto.com/bitcoin-price-index”>BTC) dipped to $46,000 before springing back above $54,000, Ether gained ground on the top cryptocurrency.

Struggles with high transaction costs and slower confirmation times have weighed heavily on Ether price over the past couple of months as the excitement around DeFi and NFTs led to skyrocketing activity on the network.

After the Berlin upgrade was successfully implemented on April 15, the average gas fee began to decline to more manageable levels resulting in an exposedcrypto.com/news/dex-volumes-continue-to-surge-even-as-bitcoin-and-altcoins-correct”>increase in trading volume on the top decentralized exchanges like Uniswap (UNI) and SushiSwap (SUSHI).

With a majority of the top DeFi and NFT protocols currently operating on Ethereum, the uptick in activity has resulted in the price of Ether appreciating faster than BTC in the short term as predicted by several analysts.

VORTECS™ data from exposedcrypto.com/?via=markets”>Cointelegraph Markets Pro began to detect a bullish outlook for Ether on April 25, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic 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: exposedcrypto.com/?via=markets”>Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for Ether began to trend higher on April 23 and registered a high score of 71 on April 25, roughly five hours before the price began to rally 11% over the next two days.

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

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