Ether Price Skyrocketing – We Might See a New All-Time High

The Ether coin price has recently surged, following an awesome upward trend, breaking through previous resistance levels on its way to a new all-time high. As we are writing this, 1 Ether to USD is hovering around 2.920.

This jump is likely the result of the overall bullish sentiment in the crypto world as well as the promising Ethereum ecosystem. The purpose of this article is to analyze historical price fluctuations, new potential increases, ETF narrative, and supporting factors such as DeFi and NFTs and see where the Ether price will go.

Historical ETH Price Fluctuations

Ether (ETH) was launched through an initial coin offering (ICO) in 2014, and the price was about 0.30 USD back then. The next few years saw a gradual price increase. In 2017 came a memorable bull run, bringing us the Ether all-time high (ATH) of 4,891 USD on November 16 that year.

Factors that contributed to this considerable rise included the public’s increased interest in cryptocurrencies, more ICOs, and the growing popularity of the Ethereum platform for decentralized apps, commonly known as dApps.

Following the legendary bull run, the crypto market ushered into a long bear market. Ether’s price dropped significantly. In December 2018, it was trading at around 80 USD, down by around 90% compared to the ATH.

All in all, the coin has seen its fair share of ups and downs. Nevertheless, Ether has since recovered and is seemingly shooting for the stars amidst favorable circumstances. Its current market cap is around 351,489,297,019 USD, second only to Bitcoin.

Potential Ether ETF – Following the Narrative

One potential catalyst for an ETH price surge is the possibility of introducing a spot exchange-traded fund (ETF) in the United States. If you recall, as soon as the Bitcoin ETF was approved in January, the price of ETH sharply rose due to traders’ anticipation of its ETF coming next. This is called a narrative, and at the moment, Ether’s is looking good.

Some speculate that the Ether ETF could be approved by the U.S. Securities and Exchange Commission (SEC) in May 2024.

Traders are seemingly rallying to push the price to 3,500 USD and make the new resistance level, thus pressuring the regulator to seriously consider opening the ether to institutional investors, no pun intended.

To reiterate, an ETHUSD analysis shows bullish sentiment regarding how the coin is traded, which follows the aforementioned narrative. A spot ETF would make it easier for institutional and retail investors to invest in Ether without directly purchasing the coin.

Rise of DeFi and NFTs

Another key factor driving the ETH price higher is the establishment of decentralized finance (DeFi) apps, or dApps, and non-fungible tokens (NFTs) on the Ethereum blockchain. DeFi, as the name suggests, basically allows one to create decentralized financial products and services. On the other hand, NFTs enable the creation of unique digital assets that can later be traded.

To avoid confusion, Ethereum is an open-source software for blockchain platforms, and Ether is a cryptocurrency used within it. The former works reciprocally with DeFi, meaning if one rises, so does the other.

Both of these trends have contributed to the growing popularity of the above-mentioned blockchain and the increase in demand for ETH.

Should I Buy Ether Now?

With the information we’ve so far provided, you’re probably thinking about whether you should buy Ether. As with any investment, it’s important to do as much research as possible and analyze the risk.

While the ETHUSD price today is going upward, it’s also possible that the market could make a turn due to corrections. Nonetheless, Ether is showing a positive long-term outlook with the approaching bull run and favorable narrative, implying that it could be a viable investment option.

Should you decide on that step, the best way to buy Ether is via credible and legitimate crypto exchanges such as Binance, CoinBase, or Kraken. Stick to household crypto providers because many anonymous fraudsters are lurking online.

What to Do If I Lose My Crypto to Scammers?

As the cost of Ether is rising, you must time your investment carefully. Also, it’s crucial to avoid getting scammed. Those who are new to crypto have a hard time discerning transparent exchanges from outright frauds. The number of crypto scam victims is, unfortunately, growing.

If you believe you have fallen prey to a crypto thief and have lost your valuable coins, you must not waste any time. Contact a financial market regulator and local law enforcement to report the incident. Inform the relevant crypto exchange or wallet provider, too.

Last but not least, book a free consultation with Global Fraud Protection. Our experts know the ropes of utilizing CipherTrace to trace your crypto transaction and pinpoint the wallet that received your coins. This information is later used as evidence in the fund recovery process. We are willing to help you, so get in touch with us.

Conclusion

To sum up our main points, the price of Ether is breaking records and shooting toward a new ATH. Key factors driving this surge are a potential Ether ETF in May, the growth of DeFi and NFTs, and the overall bullish sentiment the crypto market is experiencing.

A new record price is on the horizon. Therefore, now is the time to consider investing in ETH and capitalizing on the highly anticipated price jump. However, do not neglect the risks associated with buying volatile assets such as cryptocurrencies, and be on guard for anonymous cyber thieves looking to defraud you.