Ethereum (ETH) is one of the most popular cryptocurrencies in the world, and its price has been on the rise despite market volatility. As of May 7, 2023, the price of Ethereum ranges from $1,911.90 USD to $1,993.12 USD2. Ethereum made its debut in the market with a token launch price of $0.31 and reached an all-time high (ATH) above $4,880 in November 20213.
Ethereum Price Rises by 1.53% in the Last 24 Hours
During the course of Ethereum’s price trajectory, the market experienced a couple of bull cycles as well as some catastrophic crashes. When 2017’s bull cycle soared ETH’s price to $826, Ethereum’s first major spike was marked3. After a continuous stride of peaks and valleys, ETH gained even more traction in the following year in January, when it reached another ATH of $1,396 before tumbling down and closing the year off at only $1413.
Ethereum is witnessing a price breakout on the back of increased gas fees and the upcoming Shanghai upgrade, hitting a year-to-date high of $1,855 on March 234. The Ethereum decentralized finance (DeFi) ecosystem received more daily fees, growing 9% in 24-hours on March 23 in tandem with Ether’s price growth4. With the increase in Ether fees, the Ethereum proof of stake (PoS) token economics have turned deflationary and revenue is up 10% in the past 24-hours4.
Ether price analysis from Max Kalmykov, the CEO of trading automation platform Bitsgap, also sees upcoming volatility but is still bullish4. Ethereum is often referred to as the “silver” of the crypto sphere and is a leader in the blockchain space. The forthcoming Shanghai upgrade could potentially result in significant fluctuations in the market; however, Ether’s recent breach of the $1,400 resistance level suggests that its value might continue to climb4.
The price of Ethereum has increased by 1.53% in the last 24 hours, reaching $1,912.03 USD5. Ethereum is the second-largest cryptocurrency token in terms of market capitalization, due to its innovation and use-cases within the industry by introducing smart contract functionality, which has paved the way for the decentralized finance industry5. Ethereum is an open-source blockchain platform that runs on the usage of its native currency, called Ether or ETH.
All network transaction fees, or gas fees, are paid in ETH5. Ethereum uses the Proof-of-Work (PoW) consensus mechanism, but the network is slowly migrating to a Proof-of-Stake (PoS) as part of its Ethereum 2.0 upgrade5.Like Bitcoin, Ethereum’s price is based on a global marketplace of supply and demand.
Its price can be volatile in the short-term as demand overwhelms supply and vice versa. However, over the long-term, the price of ETH has historically outperformed many traditional investments such as major stock and bond indices2. Ethereum is a decentralized computing platform that uses ETH (also called Ether) to pay transaction fees (or “gas”). Developers can use Ethereum to run decentralized applications (dApps) and issue new crypto assets, known as Ethereum tokens2.
In conclusion, despite market volatility, Ethereum’s price continues to rise, with a year-to-date high of $1,855 on March 234. Ethereum is a leader in the blockchain space and has introduced smart contract functionality, which has paved the way for the decentralized finance industry5. The forthcoming Shanghai upgrade could potentially result in significant fluctuations in the market; however, Ether’s recent breach of the $1,400 resistance level suggests that its value might continue to climb4
