Ethereum Price Today: How High Can ETH Go?

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As a seasoned cryptocurrency investor with years of experience under my belt, I’ve witnessed the dynamic evolution of blockchain technology, and Ethereum has undoubtedly been one of the most captivating stories. From its humble beginnings to becoming the second-largest crypto by market capitalization, Ethereum has managed to carve out a niche for itself in this fast-paced digital economy.

As we speak, the price of Ethereum (ETH) is currently unavailable at this moment, as it was 7 minutes ago. Earlier today, the price of Ether reached its peak and surged approximately 0% compared to its previous value, which happened on November 22.

Why is Ethereum Price Rising Today?

Following a 11% drop over the past three days, Ethereum’s current price has risen and is now trading at $3,042 as of today. There are positive indications suggesting that the value of ETH might escalate further and reach significant resistance points, as was last observed on November 16.

Ethereum Price Chart Today

*Ethereum price updated as of No data found for ethereum on 7 minutes ago.

Since its launch in 2015, Ethereum’s groundbreaking smart contract technology has set it apart as a leading alternative cryptocurrency. Regular significant network updates keep Ethereum at the forefront of smart contract development. The most recent update, named Cancun, was launched on March 13, 2024.

Ethereum Price & Historical Data

Ethereum’s performance this year has been climbing and is now around 33%. However, the recent dip in Bitcoin‘s price has impacted its gains, which have decreased from a high of 50% since November 11. If you had invested $10,000 in Ethereum on January 1, 2024, your investment after 317 days would have grown to approximately $3,317. As for its market capitalization, it’s currently undisclosed as of 7 minutes ago.

Ethereum: The Second-Largest Crypto By Market Cap

At the moment, Ethereum holds the second spot in terms of market value, estimated at an approximate worth of currently unavailable data (as of 7 minutes ago), following Bitcoin’s massive $1.73 trillion valuation. Combined, Bitcoin and Ethereum make up about 83% of the entire cryptocurrency market capitalization.

Since its all-time high of $571 billion in November 2021, Ethereum’s value decreased by half in October, but has spiked recently due to Bitcoin’s new ATH. Still, Ethereum maintains a strong lead over other popular cryptocurrencies:
  • Solana (SOL): $98.8 billion
  • Ripple (XRP): $89.8 billion
  • BNB (BNB): $91.0 billion

Even though there’s been a recent drop followed by an upturn, at the moment, the 24-hour trading volume of Ethereum appears to be unavailable as of 7 minutes ago.

Ethereum’s Crypto Trading Volume Remains High

24-hour Ethereum trading volume data was unavailable 7 minutes ago. However, Binance accounts for a significant portion of this volume, with approximately 11% stemming from spot trading and around 40% coming from futures trading. Other notable contributors include OKX, Bitget, and ByBit.

Ethereum Shifts From PoW to PoS

The London hard fork refers to a major update in the Ethereum blockchain. This upgrade shifted the network from a Proof-of-Work (mining) model to a Proof-of-Stake (staking) system. Notably, Ethereum co-founder Vitalik Buterin has expressed his opinions on this topic, which he recently discussed on X (previously Twitter). He elaborated that the Proof-of-Stake (staking) method offers a more decentralized approach compared to the Proof-of-Work (mining) model.

Key Ethereum Upgrades in The Past Five Years

In the last five years, several significant advancements have molded Ethereum into the world’s second-biggest cryptocurrency by market value.

2024:

  • Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.
2023:
  • Shanghai-Capella (“Shapella”): Enabled the withdrawal of staked Ether (ETH), marking a significant milestone in Ethereum’s transition to a Proof-of-Stake (PoS) consensus algorithm.
2022:
  • Paris (The Merge): Successfully transitioned Ethereum from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm, reducing energy consumption and increasing security.
  • Bellatrix: Prepared the Ethereum network for The Merge by introducing the necessary PoS consensus logic.
  • Gray Glacier: Delayed the “difficulty bomb” that would have slowed down the network, ensuring a smooth transition to PoS.
2021:
  • Arrow Glacier: Delayed the “difficulty bomb” again, providing more time for the transition to PoS.
  • Altair: Introduced several improvements to the Beacon Chain, including better validator incentives and enhanced security.
  • London: Implemented the highly anticipated EIP-1559, which reformed the transaction fee market, making it more efficient and user-friendly.
  • Berlin: Introduced several protocol upgrades, including improved gas efficiency and enhanced security features.
2020:
  • Beacon Chain genesis: Launched the Beacon Chain, marking the beginning of Ethereum’s transition to PoS.
  • Staking deposit contract deployed: Enabled users to deposit ETH and participate in the PoS consensus algorithm.

  • Muir Glacier: Delayed the “difficulty bomb” to ensure a smooth transition to PoS.

ETH Gas & Its Effect on Ethereum Price

The blockchain upgrades Ethereum receives aim to solve the trilemma of blockchain, i.e., balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) enhanced these aspects. Ethereum’s transaction fees (gas fees) plummeted post-upgrade, drawing more investors. Gas fees are like taxes, measured in Gwei, required for secure transactions.

Currently, the cost for a single Ethereum network transaction, as of the last update about 7 minutes ago, is approximately 15.84 Gwei.

As the worth stored on Ethereum’s blockchain increases, attracting more investors who see potential, this often leads to a rise in gas fees. This trend is commonly observed during bull markets, reaching its maximum point at record highs.

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2024-11-22 14:22