Ethereum bounced back this week as it is currently trading between $2,500 – $3,200. An equally great piece of news is the fact that ETH gas recorded an eight-month low.
Santiment, an on-chain data provider, declared:
“Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July.”
Elon Musk has also recently revealed that his portfolio includes Ethereum and that, due to the increasing levels of inflation, he doesn’t plan on selling it.