Ethereum Price Today: ETH Falls By 0.45%, Manages New Local High
Ethereum Price Today: The market is trading in red today, as most of the significant coins see a decline. Investors are currently exercising caution when it comes to investing in riskier assets, primarily due to concerns surrounding mounting macroeconomic issues, which have been exacerbated by higher-than-anticipated inflation rates.
The global crypto market cap stands at 1.07 trillion USD, an increase of 0.02% over the past day. The total crypto market volume in the last 24 hours increased by 5.40% and is currently at 47.61 billion USD.
Ethereum (ETH) price dips by 0.45%
The second largest crypto, Ethereum price today dropped by 0.45% in the last 24 hours. The market cap for Ethereum is 201.40 billion USD. Moreover, trading volume decreases by 9.87% over the previous 24 hours. Each ETH token is trading for 1,645 USD, holding on to the support level of 1600.
Source: coinmarketcap
Also read: Crypto Prices Today: Polygon, Polkadot Slip Over 2%, Meme Crypto Falls Around 1%
The Shanghai upgrade, commonly referred to as “Shapella”, is set to allow for the withdrawal of staked ether (ETH). After Ethereum’s switch to a proof-of-stake (PoS) consensus mechanism, validators staking 32 ETH have been responsible for approving and adding blocks to the blockchain.
According to several analysts, the token unlock feature in Shanghai is expected to allow stakers to withdraw their vested tokens from Ethereum’s proof-of-stake smart contract. This may potentially lead to a short-term sell-off event.
Ethereum makes a new local high against Bitcoin
Ethereum has recently reached a new local high at $1646, which suggests that it has been performing well and its price has been increasing. However, Bitcoin price has failed to reach a new local high during the same period. This suggests that Bitcoin has not been performing as well as Ethereum, and its price has not been increasing at the same rate.
Thus, traders and investors may begin to shift their focus and investments toward the stronger-performing cryptocurrency, which can cause weakness and a potential price decrease for the weaker cryptocurrency. The weakness in Bitcoin may lead to a significant dump in its price.
Also read: Blur Under Fire For Wash Trading Allegation; Will This Trigger Drop In Blur Coin Price?
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
