by • Ethereum (ETH) is the native cryptocurrency of Ethereum, an open-source blockchain platform that has revolutionized the blockchain and DeFi sector.
• The current market status of Ethereum (ETH) shows its 24-hour trading volume to be $33,752,880,169 with a change of 0.8% down in its price.
• According to our analysis of ETH price prediction 2023, it may reach $2500 soon.
What is Ethereum (ETH)?
Ethereum (ETH), known as Ether, is the native cryptocurrency of Ethereum. Ethereum is an open-source blockchain platform that revolutionized the blockchain and DeFi sector by the introduction of smart contracts. This second-generation blockchain was launched in 2015. Its native crypto coin, ether (ETH) was launched through an initial coin offering (ICO) in August 2014. The entire Ethereum network is fueled by Ether (ETH). The blueprint of the Ethereum network was first released in its whitepaper in 2013 by Ethereum Co-founder Vitalik Buterin. Since its launch, the blockchain-based software platform functions as a potential launchpad for several other crypto tokens, DeFi protocols, and numerous decentralized applications (dApps). Thus, Ethereum is regarded as the “world computer.” The smart contracts are coded programs that execute autonomously with pre-defined conditions on Ethereum. These smart contracts are deployed and executed via the Ethereum Vending Machine (EVM).
Ethereum’s Transition to Proof-of-Stake
Ethereum will transition to the Proof-of-Stake (PoS) consensus through The Merge upgrade. Initially, the Ethereum network was built on the high energy-intensive proof-of-work (PoW) since its launch. From 2020 onward, developers have begun preparing for this PoW to PoS transition; The Merge upgrade is set for September 15th 2021. After this transition occurs Ether will become deflationary instead of inflationary as before – meaning there will be fewer coins available over time than previously anticipated due to burning transactions fees from validators staking ETH tokens within their wallets instead of miners using electricity to validate blocks like before .
Current Market Status
The Current Market Status shows us that 24 – Hour Trading Volume for ETH stands at $33752 880 169 with a 24 – Hour Price Change 0f 0.8% down Circulating Supply 120 455 399 All – Time High being $4878 26 on November 10 2021 according to CoinGecko data sources .
Ethereum(ETH) Price Prediction 2023
We use statistics patterns RSI RVOL and other information about ETH analyze it’s future movement via a daily time frame which indicates a broadening wedge pattern which could potentially take prices up towards 2500 USDT sometime during 2023 .
Conclusion
In conclusion , we can see that ETH has been growing steadily throughout 2021 despite some notable dips which could signal bullish activity ahead if not cut short by another bearish downturn . Additionally , with major upgrades coming up such as ‘The Merge’ happening later this year , it’s likely that prices could surge even higher beyond our predictions given above so investors should keep watchful eye out !
