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. 

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