Ethereum (ETH) Pumped 23%
Ethereum(ETH), introduced in 2013 by the Russian-Canadian programmer Vitalik Buterin, is a blockchain-based platform enabling global value transactions using its native cryptocurrency, ether, free from third-party interference. However, its capabilities extend beyond simple transactions.
Ethereum facilitates the creation of specialized applications by developers, known as decentralized applications (dApps), through the utilization of smart contracts. Unlike traditional apps, dApps are self-executing programs stored on the Ethereum blockchain. Smart contracts are code-based and automatically execute predefined functions when specific conditions are met. This functionality ranges from initiating transactions based on events to providing loans once collateral is deposited into a designated wallet. Smart contracts serve as the foundation for all dApps on Ethereum and other blockchain platforms.
Operating as a Proof-of-Stake blockchain, Ethereum empowers dApps with smart contracts, avoiding control by centralized entities. As the pioneer in integrating smart contracts, Ethereum boasts the largest ecosystem of decentralized applications, spanning decentralized exchanges, crypto lending, borrowing platforms, and more.
Ethereum also hosts various Layer 2 solutions, such as Arbitrum, which consolidates multiple transactions into a single transaction on the Ethereum blockchain. Additionally, Polygon’s Proof-of-Stake chain, functioning as a sidechain parallel to Ethereum, provides users with a more cost-effective and faster transaction processing option.
Ethereum (ETH) price has Increased today.
As of today, Ethereum (ETH) is priced at $2,609.05, and its 24-hour trading volume stands at $36,481,178,869.38. Over the last 24 hours, the price has seen a 0.80% increase, and in the past 7 days, there has been a notable 15.44% uptrend. With a circulating supply of 120 million ETH, Ethereum currently holds a market cap of $312,182,492,876.
You may also Read–> Guide for Buying Ethereum
Technical Analysis
On strong support of inclined rectangular support zone, broke strong resistance zone and pumped 23% plus, currently again fighting with resistance zone.
Ethereum recently broke out of a $2,150-$2,400 sideways range, signaling a resumption of the uptrend. The next target is $2,750, with a suggested Stop Loss at $2,270. The bullish momentum is supported by indicators like the MACD and RSI. Key support lies at $2,150, followed by $2,000, while the broken resistance at $2,400 now serves as a support level. Traders are advised to set a price alert. The upcoming Ethereum Spot ETF launch in May 2024 is expected to further boost Ethereum’s prospects.
Price History
In 2014, Ethereum introduced its cryptocurrency, ether, through an ICO, raising $16 million by selling 50 million ETH at $0.31 each. Unlike some cryptos, Ethereum’s ether has no fixed supply. Annual inflation is controlled by Ethereum Improvement Proposals (EIPs). The issuance schedule has evolved, with a “difficulty bomb” affecting mining difficulty.
Since its 2014 launch, Ethereum’s price ranged from $0.70 to $21 until 2017, surged to $1,418 in 2018, corrected, and retested its high in 2021, reaching $4,379. Presently, ETH is at $2,628.39, with a circulating supply of $315.89 billion and a market cap of $120.18 billion. In the past 24 hours, it increased by $264.42, rising 17.57% in the last seven days and showing a robust 18.37% month-over-month growth, making Ethereum an appealing investment.
Ethereum (ETH) reached its highest price of $4,878.26 on November 10, 2021, approximately two years ago. Presently, the current price is 45.4% lower than this historical peak.
It (ETH) recorded its lowest price of $0.433 on October 20, 2015, around eight years ago. In comparison, the current price is 615,070.69% higher than the all-time low.
“Elevate your Gate.io trading results with 3commas & Coinrule Bots – Amplify your potential!”
Price prediction
Considering Ethereum’s price movements at the start of 2024, industry analysts anticipate an average ETH rate of $2,725.22 in January 2024. The projected range for ETH prices includes a minimum of $2,585.58 and a maximum of $2,864.85. This implies a potential return on investment (ROI) of 7.7%.
Join Coincodecap Signals to level up your trading game with automated trading and accurate trading signals with proper explanation.
ETH NEWS
Ethereum Hits Price Peak Amid Calls to Boost Gas Limit!
End Note
In conclusion, Ethereum (ETH) has evolved into a versatile blockchain platform, offering decentralized applications, smart contracts, and a robust ecosystem. With recent price movements and technical analysis pointing to an upward trend, the current price stands at $2,628.39, showing potential for further growth.
Ethereum’s historical price range, from its ICO in 2014 to its peak in 2021, reflects its journey in the cryptocurrency market. Looking ahead, experts predict an average price of $2,725.22 in January 2024, with a potential ROI of 7.7%. Despite fluctuations, Ethereum remains a key player in the crypto space, with ongoing developments and the anticipated launch of the Ethereum Spot ETF in May 2024 contributing to its positive outlook.
