Ethereum price tags $4,000 on Coinbase for the first time since 2021
- ETH’s uptrend has resulted in a 90% gain in 2023 and nearly 73% year-to-date returns.
- If the bull market continues, Ether is likely to see a retest of its all-time high of $4,877.
- Ethereum price rally has liquidated over $25 million in short positions on derivatives exchanges in the past day.
Ethereum (ETH) price tagged the $4,000 psychological level on Friday at around 15:31 GMT before a quick correction. The move saw over $15 million in short positions liquidated against around $10 million in long positions for ETH.
The Proof-of-Stake (PoS) token's price has been on an upward trend since October 2023 and shows no signs of stopping. This development is in line with Bitcoin’s massive uptrend, which continues to climb higher, shattering all resistance levels.
Ethereum hits $4,000 psychological level
Ethereum (ETH) hit the $4,000 psychological barrier on Friday for the first time in more than two years. This significant achievement comes as the Bitcoin price hit its new all-time high on Tuesday.
Ethereum holders anticipate a Spot Ethereum ETF approval by the Securities and Exchange Commission, by May 23, the final deadline for VanEck’s application. This is likely one of the catalysts driving gains in Ethereum. The second major catalyst is the upcoming Cancun-Deneb upgrade, also known as the Dencun Hard Fork, scheduled to occur on March 13.
Key Points:
- New Milestone: Ethereum price hits the $4,000 level, reaching a peak of $4,000 on Coinbase.
- Sustained Growth: This breakthrough follows a period of consistent growth, with ETH rising over 75% year-to-date.
- Market Sentiment: The surge reflects growing investor confidence and excitement surrounding the Ethereum ecosystem and its potential applications.
Stay tuned for further updates and analysis as we explore the implications of this milestone for the future of Ethereum.
Ethereum FAQs
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
