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Ethereum (ETH)


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Ethereum (ETH) Price Chart

Since its launch in 2015 Ethereum attracted the attention of crypto enthusiasts as a new vision of blockchain and the practical uses of crypto technologies. Ethereum is not just another platform for decentralized and anonymous money transfer. Its unique feature is the ability to create smart contracts, decentralized applications (dApps), and new crypto tokens  — all this in one place. That’s why most young crypto projects use the Ethereum blockchain to create and develop their own. Thanks to widely accessible Ethereum technologies, the crypto industry saw the ICO and DeFi boom in 2017 and 2020 accordingly.

There are different reasons why the price of Ethereum boosted in early 2021. However, most analysts agree that the news about upcoming network upgrade played the main role. Let's follow the charts to see how the token is performing now. 

About Ethereum (ETH) and smart contracts

Basics of the Ethereum blockchain 

Ethereum network is a publicly accessible platform without a centralized controlling entity. Anyone with an internet connection can become a part of the Ethereum ecosystem and create smart contracts, write code for programming decentralized apps (dApps), or simply transfer digital funds. Data in the blockchain is distributed among all users simultaneously and is accessible to everyone. Dapps created on Ethereum are widely used in the crypto industry (non-fungible tokens, DeFi platforms, lending protocols, and more). 

Briefly about ETH token 

Ether (ETH) is a native cryptocurrency of the Ethereum ecosystem, mostly used to pay transaction fees (Gas). In modern realities, ETH is a digital asset and a payment instrument. There are plenty of online shops where users can pay in cryptocurrencies, including ETH. So you can use tokens to pay for electronic things (smartphones, laptops), clothes, home stuff, book tickets and hotels, and more. Since it's a crypto token, you can trade it on the exchange platforms for fiat money and other cryptocurrencies. ETH is also used for funding dApps — users pay in ETH for the online storage space, computing power, crypto lending services, investment in artists, and more.

What are the Ethereum smart contracts?

Smart contracts are algorithms created to generate data about ownership. Once the parties sign the contract, it is transferred to the blockchain. When the conditions are met, the contract comes into effect. Terms of smart contacts created on Ethereum are executed automatically and don’t require a third party (a notary or lawyer) to control them. 

How does it work? 

The basic of every smart contract is the “if-then” algorithm. For example, if the merchant receives payment, then the buyer will get a product. Thanks to automatic execution algorithms, even if the merchant and a buyer don’t know each other or don’t trust each other, they can make an agreement validated by blockchain technology. 

Why use smart contracts?

It’s usually more practical, faster, and cheaper than asking a special institution or agent to prepare papers for an agreement. Besides, smart contract data is stored in a decentralized ledger — it cannot be falsified or deleted. Nowadays, many businesses prefer Ethereum smart contracts and consider them more secure than traditional negotiations.

What is the ERC-20 standard used for?

One of the most popular protocols used for Ethereum smart contracts is the ERC-20 standard. It is a list of rules that all Ethereum-based tokens must follow. Thanks to the ERC-20, any company or institution can easily launch its token. Cryptocurrency is emerging and attracting new traders, opening more opportunities. That’s why the protocol’s popularity grows so quickly.

If you visit the Spot Trading page on the CEX.IO website you can find numerous ERC-20 tokens available for trading. There are such projects as Zilliqa (ZIL)Polkadot (DOT) to name a few. Taking into consideration the interest of our customers, we continue to expand the list with the most promising projects that meet our Listing Policy rules. Currently, along with trading Bitcoin, Ethereum, and other pioneers of the crypto industry, there are over 60 young DeFi markets in our trading arsenal. 

Ethereum supply and inflation 

Unlike Bitcoin, Ethereum doesn't have a limit on the total tokens’ supply. The approximate number was determined in 2014, during pre-sale (60 million ETH went for contributors and 12 million to the development fund). The virtually unlimited supply created an inflation issue so Ethereum developers reduced the block reward from 5 ETH to 3 ETH. Later, instead of this, they decided to set a fixed amount of ETH tokens that can be mined every year. So the annual supply is currently limited to 18 million ETH. Additionally, Ethereum switched to proof of stake consensus in 2022.

The popularity of Ethereum as a digital asset and innovative crypto project is growing every year. We can see how it affects the Ethereum price over time and helps maintain the second position among cryptocurrencies by market cap. 

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Current Ethereum price index and technical analysis principles

The price of crypto assets depends on different factors like use cases, adoption, project reputation, and so on. The more popular and promising the project is, the more users will be ready to pay money for the token. This is reflected in the price index of every cryptocurrency. 

Where to check the Ethereum value?

Look at the price chart to check the historical changes and the current  Ethereum price (in cash or other crypto assets). Before you decide to trade or buy a certain asset, it’s crucial to carefully study different statistical trends and patterns (volume, market depth, volatility) to predict which way a currency pair may swing next. 

First steps in Ethereum price analysis 

Technical analysis is when you use various indicators and price chart patterns to analyze the performance of the currency pair. The main principle of technical analysis is that it helps identify certain patterns on the chart and can give an idea as to where the market would potentially move next — continue the trend or change it. Based on these patterns, you can spot the moments to place your orders following your strategy. 

One more thing that can give some understanding about the price trend is the news of the cryptocurrency project. The most important updates are usually covered by the media. By following these updates, you can spot the major events that can potentially drive or decrease the demand (and hence price). 

A combination of following news and mastering technical instruments can help you make a thorough analysis of the trading asset and learn its potential. 

Both crypto newbies and veterans can apply such an approach to analysis and then use it on robust trading platforms like CEX.IO Spot Trading.

Where to buy or trade ETH? 

The CEX.IO platform offers a range of crypto trading instruments and tools. Starting from the live price charts, Instant Buy and Sell features to the multi-functional mobile app and API solutions. You can choose from the growing list of currency pairs, including such as BTC/USDBTC/EURETH/USDLTC/USD, and more. The supported fiat currencies are the U.S. dollar, euro, GB pounds, and Russian rubles. But you can use any local currency to fund your account balance with a debit or credit card. Most banks use an automatic conversion when you pay online so just clarify this question with your card-issuing bank. 

Payment methods on CEX.IO

CEX.IO works with fiat funds and you can use either a debit/credit card, bank account for wire transfers, and online wallets (Skrill, Epay). Every option has its benefits. Card payments are mostly instant, while some bank transfers are free of charge. Alternatively, you can top up your balance and withdraw funds in cryptocurrencies. You can find more details on the Limits and Commissions page. 

Ways to buy cryptocurrencies with CEX.IO 

The simplest and fastest option to buy crypto is using the Instant Buy service. It’s available via the website and mobile app. Just choose how many coins or tokens to purchase and provide your card details (or use your available balance). 

If you have downloaded the CEX.IO mobile app, you can even buy Bitcoin with a credit card anywhere you go. Also, you can sell your crypto in a few taps and top up your card with the fiat proceeds. Apart from trading tools like price charts, market/limit orders, etc.), the CEX.IO Mobile App features price alerts, order notifications, market data from other popular exchanges (for your arbitraging strategies), and so on. 

There is also a Convert service, where you can swap different currencies even if there is no direct pair available on the platform. 

A brief look at the Ethereum price history 

The concept of Ethereum was described in its whitepaper in 2013. In 2014 BTC owners could buy Ethereum tokens. It wasn't an investment offering, but a network fuel for transaction processing and building dApps. Later, in 2015, the Ethereum mainnet went live. At that time, the value of the ETH token wasn't defined yet. It wasn’t listed on any exchange yet and the price and the market rate were unavailble. The first price marks of ETH to USD market were near $3.

Devcon-1 and first ATH

Despite the significant interest of investors, the project has not yet been popular among crypto enthusiasts. It gained more recognition in the crypto industry after the Devcon-1 developers’ conference (in the presence of representatives from IBM, Microsoft, and UBS). 

In early 2016, the Ethereum price was growing rapidly driven by the news about network protocol updates (Homestead). Expecting the strong uptrend, more people were adding ETH to their portfolios, which pushed the price to $15. At that time the market capitalization of Ethereum jumped above $1 billion.

The crypto bull run and ICO boom

In 2017, ETH joined the crypto bull run started by Bitcoin. Ethereum's native token was just added to some trading platforms, which has also led the asset to new heights: on June 12, 2017, 1 ETH was worth $400. 

2017 was also the year of ICO hype in the crypto industry. This has become an additional driver for ETH's growth. Thousands of projects used ETH as the main currency to accept payments at that time. As 2018 started, ETH was trading at around $1,000.

Testing the bottoms and a calm before the next storm

The news of the expected Constantinople hard fork in November 2018 brought optimism to Ethereum fans. However, there were just minor sentiments as the network upgrade was delayed. In addition, the BTC price broke through $ 6,000, causing the entire cryptocurrency market to drop. ETH closed 2018 at the rate of near 130-140 dollars. This is a 10 times decrease compared to the previous ATH ($ 1,400).

In 2019 the highest ETH peak was at $351 in June, however, the year was closed at a $132 rate fixed on December 31. 

2020: Ethereum in the spotlight

In 2020, ETH kept the position of second-largest crypto by market cap. Many experts define two main reasons why Ethereum managed to recover the uptrend in 2020: the DeFi boom and the upcoming launch of the Ethereum 2.0 update. 

DeFi is led by the idea to use peer-to-peer finance with decentralized technologies. This sector has become the most active in the blockchain industry, with a wide range of use cases for individual traders, developers, and institutions. The DeFi development was a positive moment for ETH as all the projects are built on the Ethereum smart contracts.

Ethereum 2.0 is an upgrade that aims to improve network speed, efficiency, and scalability. The first phase of the upgrade, known as Phase 0, was launched on December 1, 2020. At that time, BTC crossed the important mark of $20,000 and started a new bull run. So, the market sentiment and the spotlights of the crypto industry news portals helped ETH to climb new heights. In early 2021 we saw an Ethereum historical price at above $1,700, which was a new ATH. 

Follow the latest trends of ETH price, trade ETH and dozens of other cryptocurrencies, buy Ethereum with credit card in a matter of seconds — this and more you can do with CEX.IO. 

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