Ethereum Weekly Trend Reveals a Stable Path to a Rebound

The current price of Ethereum has reached $1,619.21, up from Wednesday’s $1,500, which is showing signs of a rebound. In addition, the cryptocurrency received a boost with Wednesday’s announcement by the Federal Reserve to raise interest rates by 75 basis points. Ethereum rose more than 11.15% in just 24 hours with that move.

Ethereum Weekly Trend – July 28, 2022

This follows Ethereum’s 40% rally last week triggered by the network’s developers announcing a tentative date for the massive software update. The unexpected rally allays concerns among investors that a potential rate hike could push the value of cryptocurrencies further down.

This week, Ethereum hit its lowest value of $1361.67 on Tuesday, while seeing a high of $1659.66 on Thursday. With a current circulating supply of over 121 million and a market cap of 197.8 billion, Ethereum accounts for about 15% of the crypto market.

Ethereum, the second-largest cryptocurrency, remains 66.75% below its all-time high of $4,891.70 last November and is up 9.25% in the past seven days. It came close to that figure last December, reaching $4,100, but has since ranged between $2,100 and $4,000. Despite its slow start to 2022, experts predict that Ethereum’s price may hit $12,000 this year.

The Latest Ethereum Trend With More Growth Prospects

In addition to improving its value, Ethereum also broke a new record with more than 1.1 million addresses transacting ETH on Wednesday – 48% higher than the previous record.

Ethereum is experiencing a resurgence, in part thanks to the news of the merger of Ethereum’s current execution layer with the Beacon Chain proof-of-stake system. This would mean the end of proof-of-work for Ethereum and a full transition to proof-of-stake.

This also means opportunities for the blockchain for future scale upgrades, including sharding and reducing Ethereum’s power consumption by approximately 99.95%. The Merge is one of the most significant and anticipated upgrades in Ethereum’s history, enabling enhanced features and security.

The Ethereum ecosystem is seeing significant developments in the race to scale the network and has become a favorite among program developers as it provides users with a myriad of uses such as executing smart contracts when trading non-functioning tokens (NFTs). .

Founded in 2013, Ethereum is a decentralized, open-source blockchain with smart contract functionality. It is designed to extend the use of cryptocurrencies by allowing developers to create their special applications.

Unlike other traditional apps, Ethereum-based applications are called decentralized applications that run themselves thanks to the use of smart contracts. Today, Ethereum is a popular cryptocurrency and second only to Bitcoin in market cap. Due to its usage scenarios, Ethereum is considered one of the best crypto tokens to buy right now.

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