Ethereum Price Today: Crypto Not Showing Any Robust Ascent

Christian Encila

1 year ago

2 mins read

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Ethereum (ETH) is trading at USD2,932.45, with a trading volume of USD9,666,018,686 in the last 24 hours. Ethereum price posted a gain of 1.23%, a 24-hour low of $2,870.18, and a high of $2,980.08.

It is currently at the No. 2 spot on the Coin Market Cap chart, with a current market cap of USD350,616,744,281. Tokens in circulation now total 119,564,241 ETH.

Three months ago, ETH – the second-biggest cryptocurrency – was trading at $4,809; on Jan. 11, 2022, it dropped to $3,251, and on Feb. 4, it was at $3,026.

Other currencies, including Tether, BNB, USD Coin, XRP, Cardano, Solana, and Terra, are also seeing significant drops, hurting the market.

These recent significant dips in Ethereum and Bitcoin are also driven by sustained increasing inflation, a dismal December employment report, and persistent hints by the Federal Reserve that the central bank may begin slowing down steps to prop up the economy as it improves.

Ethereum Price Forecast

Based on current data, Ethereum’s price will average $2,822.07 and reach a high of USD3,174.82.

After reaching a high of $4,100 on Dec. 27, Ethereum has fluctuated between $2,100 and $4,000 in the days afterward.

Despite the poor start to 2022, many analysts remain optimistic, forecasting that Ethereum would reach and exceed $12,000 this year.

ETH/USD at $2886.5 in the daily chart | Source: TradingView.com

Meanwhile, after a robust November, Bitcoin has also paused over the previous month. Bitcoin achieved a new all-time high when it crossed $68,000.

There is little doubt that Bitcoin and Ethereum will continue to fluctuate in the future, and experts advise investors to remain cautious.

Experts say to overlook the ups and downs while making a long-term investment. That doesn’t imply that the recent slide in price has extinguished Ethereum’s volatility.

Crypto Expert Advises On ETH

The real issue is whether or not these currencies will continue to increase after they are owned, Jeremy Schneider, the Personal Finance Club’s investment guru, said.

“No more than 5% of your whole portfolio should be held as Ethereum due to the lack of assurance that its value will rise,” Schneider said.

The investment expert added that people should not invest at the risk of not accomplishing their other financial objectives, such as paying off high-interest debt or preparing for future retirement.

Like Bitcoin, Ethereum has its blockchain, maintained by a global network of over 2.4 million computers known as “nodes.” Anyone with the required hardware, skills, and time may run an Ethereum node and contribute to network validation.

Miners are in charge of finding new blocks on the Ethereum network. These are analogous to digital boxes that store transaction and other data.

Miners compete by utilizing specialized computer equipment to be the next person to add a block to the chain and collect transaction fees (from the transactions they add to the block) as well as “block rewards.”

Featured image from Scotsman, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.