After a sudden drop a few days ago, the Ethereum price is bouncing back. ETH is currently trading at $2,440, down 4.75% from its all-time peak of $2,550. From its lowest point on Sunday, the currency has risen by more than 25%.
Analyst Ben Lilly has been keeping a close eye on the ETH/USD buying and selling pair. The analyst claimed elevated volatility for the pair because it shifted close to a low level on its gamma curve, predicting the new bullish value movement.
The gamma on this trading pair also pointed at a “more explosive” price movement to the upside and more uncertainty in the direction of the weekend, as Ben Lily explained:
Bitcoin (BTC) price is falling on the lower and higher time frames at the time of publishing. On the other hand, at the aforesaid stages, ETH has significant support. This price action is accompanied by a decline in Bitcoin’s supremacy to levels not seen since the bull market of 2017. Ben Lilly added:
The initial break higher resulted in nearly 800% returns while the second, over 400%. These types of “effects” are what I consider breaking the norm (…) . And for now I see the potential of one altseason beginning to take form.
Ethereums price Surge Can Be Fueled by Two Reasons:
Grayscale, an investment company, will begin purchasing assets for its product at the end of April.
At first, this seemed to benefit Bitcoin’s price, as the Grayscale Bitcoin Trust (GBTC) had accounted for a large portion of the cryptocurrency’s demand in recent months. As Ben Lilly pointed out, the situation now could be different:
One thing I’d like to add is the flow of capital from GBTC effect might not re-enter. But enter ETHE or the other trusts. The other Trusts have less circulating supply and creating premiums in those vehicles is less capital intensive. Grayscale Effect 2.0 – Altcoin version?
The next Ethereum network update, London, is expected to increase the efficiency of Ethereum transaction fees by incorporating the EIP-1559 fee market shift. Co-Founder of Ethhub.eth, Anthony Sassano, explained it as follow: