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Thursday, February 9, 2023

Ethereum jumps over $2,500 and reaches the highest price ever

The price of Ethereum continues to rise. For the first time, it is trading over $2,500.

Ethereum, the most common smart contract network in crypto, has reached a new all-time high of $2,500 for the first time in its history.

In recent months, the second-ranked crypto has experienced a meteoric rise, fueled by increased interest in the digital currency market.

Ethereum has performed especially well in recent days, rising by more than 25% in the last week.

Various other assets have risen in value as a result of the tumultuous economy.

Aave, Uniswap, and Synthetix, all DeFi staples, all saw price increases today. Throughout the week, Binance Coin, Ripple, and Cardano all reached new milestones.

However, Dogecoin, which is now trading at $0.25 following a 336% increase this week, has been the largest gainer.

Aside from the recent bull rally, Ethereum has seen a number of noteworthy innovations this year that have aided its rise.

The Berlin hard fork of the blockchain was completed successfully earlier today (though there was a brief setback shortly after the event, involving a consensus error at block 12,244,294).

The long-awaited EIP-1559 “ETH buyback” plan will launch as part of Ethereum’s London hard fork this summer, marking the platform’s next big update.

Following that, the transition to Proof-of-Stake is scheduled to happen later this year.

Ethereum’s market capitalization has surpassed $288 billion, with a price of $2,500. More than Intel, Toyota, and Netflix combined.

ETH/USD - 4H chart

Upcoming next

In conclusion for the next 24 hours, the Ethereum market forecast is still bullish.

However, we can start to see a correction happening, and we can expect to see a bounce-back at $2,369-$2,329 where is the support zone.

If we see a bounce back at RSI 50 limit, ETH will go for a retest of ATH.

ETH/USD - 4 hour chart

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