Ethereum Price Today: Forecasting ETH’s Next ATH

Ethereum price trades today at $3,873.9 as of 11 PM. ETH hit a daily high of $3,985.4 after 0.92% move on June 9.

Ethereum Price Today: What’s Next After $4,000?

The daily chart shows Ethereum price today is hovering around $4,000 and looks ready to shoot higher. witnessed on December 5 and 10 are done. Going forward,  investors can ignore ETH’s bearish divergence sell signal and expect it ti climb higher. In fact, technicals suggest Ethereum price could be setting the stage to set a new ATH above $5,000.

Ethereum Price Chart Today

*Ethereum price updated as of 11 PM.

Ethereum’s innovative smart contract technology has made it a standout altcoin since its inception in 2015. Continuous major network upgrades ensure Ethereum stays ahead in smart contract innovation. The latest upgrade, Cancun, launched on March 13, 2024.

Ethereum Price Outlook

ETH’s year-to-date (YTD) performance continues to increase and currently sits at 75.29%. This recent slump in Bitcoin price has affected the YTD gains, which have dropped from 50% since November 11.

Ethereum: The Second-Largest Crypto By Market Cap

Ethereum ranks second in market capitalization, valued at $466.7 billion, after Bitcoin’s $1.95 trillion. Together, BTC & ETH’s market capitalization constitutes 83% of the total crypto market cap.

In addition to a massive market cap, Ethereum’s 24-hour trading volume sits at $47.2 billion.

Ethereum’s Crypto Trading Volume Soars

The 24-hour trading volume of Ethereum is $47.2 billion. Binance is the largest contributor to this trading volume – about 11% is contributed by spot trading and nearly 40% from futures trading. Exchanges like OKX, Bitget, and ByBit follow Binance.

Ethereum’s Proof-of-Stake Technology

The London hard fork is a significant Ethereum blockchain upgrade. It changed the network from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum co-founder Vitalik Buterin recently shared his thoughts on X (formerly Twitter). He explained how Proof-of-Stake (PoS) is more decentralized than Proof-of-Work (PoW).

Notable Upgrades to Ethereum Blockchain

Here are some key upgrades in the past five years that shaped Ethereum as the second-largest crypto by market capitalization.

• Cancun-Deneb (“Dencun”): This upgrade aimed to improve Ethereum’s scalability, security, and usability, setting the stage for further enhancements.

• 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.

• 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.

• 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.

• 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.

ETH Gas & Its Impact on Ether Prices

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.

As of June 9, the gas fee for a transaction on the ETH network as of 11 PM is 14 Gwei.

When Ethereum’s on-chain value grows, presenting opportunities, investors flock, driving gas fees up. This typically occurs during market upswings, peaking at all-time highs.