Few projects have endured in the cryptocurrency market for more than ten years. However, Ethereum (ETH) has proven to be the second most essential project in the ecosystem, only surpassed by Bitcoin.
Ethereum (ETH) has not had an easy time despite its high ranking, particularly concerning regulatory difficulties. The cryptocurrency was formerly charged with being an unregistered securities by the US SEC, which was led by Chairman Gary Gensler. This created a great deal of Uncertainty, which lowered investor sentiment and hurt prices.
Still, it appears that ETH is getting stronger; forecasts indicate that its market capitalization may reach $1 trillion. Time will tell if that is feasible or not.
Understanding Ethereum (ETH) ETFs
In 2013, Ethereum (ETH) was unveiled as an open-source blockchain platform designed to facilitate the creation of smart contracts. The Ethereum (ETH) ecosystem’s native cryptocurrency, ETH, was made available in 2014 at an Initial Coin Offering (ICO) price of $0.31 by the founding team.
All 60 million ETH were sold during that period, and investors gained 270% on the coin in a matter of months. Although there were roughly eight founders of Ethereum, Vitalik Buterin is the most well-known and is still in charge of the project.
Nonetheless, there are other individuals, such as Gavin Wood, whose primary concentration is currently with Polkadot (DOT), and Charles Hoskinson, who moved to build Cardano (ADA). Ethereum previously followed the Proof-of-Work (PoW) consensus, just like Bitcoin.
However, as part of an update known as the Merge, the blockchain moved to Proof-of-Stake (PoS) in 2022. Additionally, ETH 2.0 was launched at this time, enabling staking deposits and withdrawals on Ethereum blockchain protocols.
One of the main causes of Ethereum’s (ETH) Total Value Locked (TVL) being significantly higher than other chains is the impact of these updates.
Ethereum (ETH) Current Market Status
The second-most valuable cryptocurrency is ETH, with a $449.62 billion market capitalization. The price of ETH was $3,772.73 at the time of writing, indicating a 25.27% increase over the previous seven days. Mexc Global data indicated that its trading volume was substantially large.
The trading volume of ETH reached $32.82 billion in the previous day. Less than $25 billion worth of cryptocurrencies was traded a few days prior to this increase. But as news broke that the U.S. SEC would authorize all Ethereum spot ETFs, enthusiasm for ETH shot through the roof, and a buying frenzy ensued.
There is an endless supply of Ethereum. However, its entire supply, which matches the circulating supply, is 120.28 million. If you want to purchase Ethereum, the altcoin is available on almost all centralized exchanges.
Ethereum (ETH) Price Analysis
We examined the Directional Movement Index (DMI) to estimate the price of Ethereum in 2024. Currently, the +DMI (green) is 37.18. Conversely, the red -DMI (red) decreased and was 11.05.
These indicators’ discrepancy indicates that bulls are surpassing bears in the pecking order, which could have a significant impact on the price of ETH and possibly push it higher.
Aside from the Average Directional Index (ADX), which indicates direction strength, ETH’s upward momentum was robust as it closed in on a value of 25. The Fibonacci showed that the price of ETH might reach $4,584, which was another sign of an increase in price.
However, the price of ETH might climb beyond that in 2024 a conservative estimate would see an increase to $7,840.
Personal Note From MEXC Team
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