Ethereum

Although the price of Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) has recently reached a seven-month high, demonstrating an increase in demand, the network hasn’t seen an increase in transaction fees, which indicates that the value of the <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum coin</a> could continue to grow.Indeed, Ethereum briefly crossed the $1,840 mark, which it hasn’t done since August 18, 2022. However, its network transaction fees have dropped to below $2 despite high demand, according to the data by the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> intelligence platform Santiment <a href="https://twitter.com/santimentfeed/status/1637715284176805888" rel="noopener noreferrer nofollow">published</a> on March 20.As the platform’s chart indicates, <a href="https://finbold.com/topic/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> fees on March 19 fell to $1.75 as the price reached $1,842. By comparison, the network fees recorded a substantial increase to $8.12 on March 11, right after the price of the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> had bottomed at $1,380.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/516691380c9d4ff4a871aa5c3af906d4.jpg" />Ethereum network fees versus ETH price. Source: <a href="https://twitter.com/santimentfeed/status/1637715284176805888" rel="noopener noreferrer nofollow">Santiment</a>According to the platform’s analysts, this means that Ethereum has paved the way toward reaching $2,000 and continuing upward:<blockquote>“Ethereum’s price hadn’t eclipsed $1,840 since August 18th. Despite this 7-month high, the network hasn’t appeared to heat up and create notable transaction barriers due to high demand. This is a good sign that ETH has a door open to $2k and beyond.”</blockquote><h2 id="header-0">Ethereum price gains</h2>At press time, Ethereum was seen changing hands at the price of $1,787, demonstrating an increase of 0.57%, in addition to the weekly and monthly gains of 13.12% and 5.86%, respectively, as indicated by the latest charts retrieved by <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> on March 20.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1d9027f718e64381a1270bd80f46d6c7.png" />Ethereum 7-day price chart. Source: <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">CoinMarketCap</a>It should also be noted that the supply of the second largest digital asset by market capitalization has been <a href="https://finbold.com/ethereum-supply-drops-by-66000-eth-in-2023-making-it-deflationary/" rel="noopener noreferrer nofollow">reduced by 66,000 ETH</a> in 2023, making it deflationary and attractive to <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto traders</a> and <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investors</a> seeking scarce <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> assets with the belief that this scarcity could strengthen their value.Furthermore, the crucial <a href="https://finbold.com/bullish-staked-ethereum-is-set-to-be-released-in-march-2023/" rel="noopener noreferrer nofollow">Shanghai upgrade</a> (also known as Shapella), which is <a href="https://finbold.com/ethereum-shanghai-upgrade-goes-live-april-12-will-eth-hit-2000/" rel="noopener noreferrer nofollow">set to go live</a> on the Ethereum mainnet on April 12, could provide a significant boost for the price of ETH, as it promises to enable validator <a href="https://finbold.com/guide/cryptocurrency-staking-guide/#What_is_cryptocurrency_staking" rel="noopener noreferrer nofollow">staking</a> withdrawals and introduce other major improvements.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Ethereum paves way to $2,000 as low fees help hit 7-month price high

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Alte articole publicate pe 20 mar. 2023

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