Ethereum Price History

ETH has a short price history, and price correlation with major fiat currencies like the USD, and key stores of value like gold, are inconsistent. The Shanghai/Capella (“Shapella”) Upgrade is a hard fork that will implement five EIPs — the most anticipated being EIP-4895, which will enable withdrawals. Shanghai is the hard fork’s name on the execution layer, while Capella is the name on the consensus layer. These combined factors have made many bitcoin, ethereum and XRP traders very bullish. “At 40%, monetary gold is currently worth around $6 trillion, while bitcoin is worth $1 trillion,” Timmer wrote, with bitcoin expected to rocket to $1.5 trillion if it does win a quarter of the monetary gold market.

The best way to forecast the future price of Ethereum is to examine supply and demand fundamentals for the cryptocurrency. The Merge will not increase transaction throughput or reduce gas fees, as the block production rate stays roughly the same at 12 seconds (currently 13 seconds). It will also not enable on-chain governance, with protocol changes still discussed and decided off-chain through stakeholders. This is ultimately to provide a more accurate version of the Ethereum roadmap. With the introduction of EIP-1559 however, the base fees used in transactions are burned, removing the ETH from circulation. This means higher activity on the network would lead to more ETH burned, and the decreasing supply should lead to appreciation of Ethereum price, all things equal.

Ethereum ETH/USD price history up until Mar 2, 2024

The live Ethereum price today is $3,467.68 USD with a 24-hour trading volume of $13,171,106,739 USD. The current CoinMarketCap ranking is #2, with a live market cap of $416,593,347,059 USD. First, it merges the existing PoW Ethereum mainnet with the Beacon Chain, a PoS chain. Together, the two chains will form the new proof-of-stake Ethereum, which will consist of a consensus layer and an execution layer. The consensus layer will synchronize the chain state across the network, while the execution layer handles transactions and block production.

Ethereum Price History

Keep reading to see a timeline of Ethereum’s price history since its launch and ICO in 2014 — we pair significant events and corresponding news to major price moves. On Feb. 7, 2023, withdrawals on the Zhejiang testnet were enabled, and on Feb. 28, the Sepolia testnet successfully executed the hard fork upgrade. On March 15, 2023, the hard fork was executed on the Goerli testnet, the last test run before the mainnet upgrade, expected to happen sometime in March 2023. This has been dubbed the “triple halving” in a nod to the Bitcoin halving, since the Merge reduces ETH issuance by 90%. With more than 14M ETH already staked, ETH could very well become deflationary after the transition.

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This has the potential to make Ethereum deflationary, something ETH holders are excited about — a potential appreciation in Ethereum price today. One of the major differences between Bitcoin and Ethereum’s economics is that the latter is not deflationary, i.e. its total supply is not limited. Ethereum’s developers justify this by not wanting to have a “fixed security budget” for the network. Being able to adjust ETH’s issuance rate via consensus allows the network to maintain the minimum issuance needed for adequate security.

Ethereum Price History

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