- Ethereum gas usage spikes over price for the first time in history.
- Analysts and traders mark this as a sign for ETH being criminally undervalued.
- When will ETH price start to pump and trigger altseason peak?
The crypto market has been patiently waiting for the price of ETH to pump and set a new ATH this bull cycle. So far, ETH has shown multiple bullish indicators on its price chart hinting at explosive price surges in the coming months. Yet another indicator was highlighted today as Ethereum gas usage spikes over its price value for the first time in history. This event has led analysts to say that ETH is currently criminally undervalued.
Ethereum Gas Usage Spikes Over Price for First Time
The price of Ethereum has been expected to pump since the start of this year. Historically, Q1 following a Bitcoin Halving has always ushed in the peak if the altseason phase where ETH price pumps first and triggers all other altcoins to pump as well. However, this year, the same cycle did not play out. ETH did not go on to set a new ATH price nor was altseason triggered. Instead, Q1 closed in red with the worst Q1 close for ETH since a long time.
Despite this, analyst believe that ETH price pumping and setting a new ATH will still act as a trigger for altseason to arrive this bull cycle. While the price fo Bitcoin BTC has recovered since the Q1 dip and the tariff war aftermath, ETH price is yet to reclaim higher prices and ETH whales are taking this opportunity to accumulate ETH in bulk while the price is still below $2,000.
To highlight, the current price of Ethereum (ETH) is $1,577 according to CoinMarketCap analytics. The pioneer altcoin is also currently boasting a total market cap of $190,495,708,857.2 and a 24-hour trading volume of $12,994,649,143.17. The pervious ETH ATH was set at $4,891, 3 years ago which means that for ETH to set a new ATH this bull cycle, the altcoin will have to pump over 200% from its current price.
As we can see from the post above, Ethereum gas usage spikes over price for the first time in history. This means that for the first time ever, activity on the Ethereum blockchain is high, leading to higher gas prices, and for the first time gas usage has exceeded the price of ETH itself. The post concludes that this means ETH price is criminally undervalued, hinting at the price of ETH to have to pump soon.
When Will ETH Price Pump?
Despite this, several other bullish indicators are also pointing to the price of ETH to experience a significant bull spike. To highlight, ETH whales are accumulating more ETH than ever at its current low prices. Mirroring ETH whale activity, BlackRock and other institutions are heavily accumulating ETH as well. With several other altcoins showing bullish indicators, all they await now is for ETH price to pump and trigger altseason.
