Ethereum is going through a breakout in its price on the back of exponentially increasing fees of gas, as well as the upcoming upgrade of Shanghai.
This has allowed the cryptocurrency to touch a year-to-date high of $1,855 on the 23rd of March. The ecosystem for the decentralized finance ETH has been receiving a lot of fees, which grew by 9% over 24 hours on the 23rd of March in tandem with the growth in the price of the cryptocurrency.
With the increase in the fees of the Ether, the proof of stake of ETH has turned deflationary- with the revenue being up by 10% in the past 24 hours. Although the network of cryptocurrency is showing momentum in a positive direction, regulators are about to take swift action against the crypto sector.
Ethereum’s Price Has Started Climbing
Such uncertainty regarding the future of Ethereum is also contributing to the notion behind this price facing 6-month lows versus Bitcoin. Some investors have also awaited the Ethereum Shanghai upgrade which has been planned for the March of this year, which some believe will unlock the staked Ether- and could potentially increase the selling pressure. Analysts think that the cryptocurrency can scale post-merge and on-chain data has confirmed a positive price future for the cryptocurrency.
The price of Ethereum rose as around 1,755 Ether was burnt over the last week leading into the 23rd of March. Part of the merge of this cryptocurrency was designed to make the cryptocurrency deflationary, and on the 23rd of March, the cryptocurrency went on to reach an all-time token emissions low of -0.1% on an annual basis.