By
Steve Muchoki
April 19th, 2024
After the recent crash of the crypto market, Ethereum price has recovered and ETH is now trading above $2800 for the first time in recent weeks.
In the past few weeks, ETH, the second-largest crypto asset by market cap, has been trading below its all-time high. During this period, the value of the asset went as low as $1,755 after its ATH of over $4,400. This ETH price correction followed that of Bitcoin which also saw its price drop to a 3-months low.
However, as of this morning, Ethereum that had traded witnessed a huge amount of price reduction has started trading higher. Presently, the asset is currently trading above $2,800 and it is aiming towards $2,900.
As of press time, available data from CoinMarketCap reveals that Ethereum is trading at $2,817 and it has recorded a 13% gain in the last 24hours, with a market dominance of 18.85%. Its trading volume also stands at over $49 billion.
Notably, its current price is still far below its last ATH, however, it is noteworthy that the current price is 62% higher than the previous low of the past week. Market experts have attributed the rise in price to the attitude of investors towards continuous buying the dip, the active performance of the Decentralized Finance (DeFi) industry, and strong demand from institutional investors.
Following this major comeback after two weeks low, speculations still abound that Ether might reverse its value as a massive sell-off could resurface. This means the price could tumble if investors begin to take profits and start panic-selling, and that could lead to ETH revisiting the May 19 lows.
However, there is the possibility of it rallying and maintaining the bull if the inflows are going higher, continue to rise and ETH could rise to another significant high.
Ethereum (ETH) Tries to Flip Bitcoin
Per a recent blog post from an Ethereum Foundation researcher, Carl Beekhuizen, the asset is working on a major shift that will help save up to 99.5 percent of the energy it currently consumes. Already, the asset uses less energy than Bitcoin.
Also, with the transition to a Proof-of-Stake (PoS) system almost complete, ETH looks to battle its record-high transaction fees that have battled its network.
Beekhuizen says that “digiconomist estimates that Ethereum miners currently consume 44.49 TWh per year which works out to 5.13 gigawatt continuingly. This means that PoS is ~2000x more energy efficient based on the conservative estimates, which reflects a reduction of at least 99.95% in total energy use.”
Still speaking on the impact of crypto mining, the researcher added “scaling solutions (such as rollups and sharding) will help further decrease the energy consumed per-transaction by leveraging economies of scale. Ethereum’s power-hungry days are numbered, and I hope that’s true for the rest of the industry too.”