Ethereum Price Today: ETH Falls By 0.96%, Stands Just Above Support Level Of 1600

Ethereum Price Today: The market is trading in red today, as most of the significant coins see a decline. The U.S. GDP growth slows down in the 4th quarter of 2022, as compared to 2021. The growth rate was expected to be at 2.9%, however, it has come slightly down to 2.7%. 

The global crypto market cap stands at 1.09 trillion USD, a decrease of 1.57% over the past day. The total crypto market volume in the last 24 hours decreased by 8.66% and is currently at 56.22 billion USD.

Ethereum (ETH) decreases by 0.96

The second largest crypto, Ethereum price today dropped by 0.96% in the last 24 hours. The market cap for Ethereum is 201.97 billion USD. Moreover, trading volume decreases by 8.04% over the previous 24 hours. Each ETH token is trading for 1,650 USD as it nears the 1700 mark. This week, Ethereum crossed the 1700 mark, the first time in 5 months. Source: coinmarketcap

Also read: Hedera Transactions Surge to Record High, Bullish HBAR Price Action Coming?

Even though it has experienced a decrease, the current price of the cryptocurrency still represents a 5% increase within a week and a 37% increase since the beginning of the year. With the ongoing recovery of the cryptocurrency market, ETH appears to be among the tokens with the greatest potential for growth. Boasting strong fundamentals and network effects, it could see significant price gains as 2023 progresses, solidifying its position as the top layer-one smart contract platform.

Ethereum’s Shanghai update 

Moreover, Ethereum is preparing for the Shanghai update, which will facilitate the withdrawal of staked ETH. Although some have raised concerns that this may lead to a sudden influx of ETH being introduced to the market, it is more likely that this will have the opposite effect by finalizing Ethereum’s shift to a proof-of-stake consensus mechanism. In fact, the ability for users to withdraw their staking rewards is expected to attract more investors to participate in the Ethereum ecosystem.

Once the update is implemented, likely by the mid of this year, Ethereum prices might get a boost.

Also read: Chainlink Price News: Next LINK Rally To Break 10 Month Record?