Ethereum Hits Ten-Week Higher as The Bulls Aim $1,720

  Ethereum News   Jan 16, 2023

Ethereum prices are closing at $1600, ETH tapped its higher price since Nov 8 reaching $1,589 this morning. 

Ethereum Hits Ten-Week Higher as The Bulls Aim $1,720

Ethereum has made 3% over the past 24 hours and was trading at $1568. ETH has been boosted by more than 30% over the few days.

The bullish momentum for Ethereum is rising a couple of months before the Shanghai upgrade this will enable the phased withdrawal of staked ETH parked on the Beacon Chain for more than two years. 

ETH issuance has fallen into deflationary territory once again. ETH right now growth is -0.09% per year. 



Currently, the Ethereum burn rate is approx 732,000 ETH per year. the issuance rate is approx 622,000 ETH annually. 


Markets are still overall in a bear situation so Ethereum demand will increase as more bulls return as Gas price increases this will have a bigger impact on the burn rate. 


Ethereum's value is higher than Bitcoin's. crypto industry observers have reported that this month the settlement value for Ethereum is almost ten times more than the Bitcoin network.



The live Ethereum price today is $1,575.96 USD with a 24-hour trading volume of $7,066,840,349 USD. Ethereum is up 3.09% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $192,856,462,962 USD. It has a circulating supply of 122,373,866 ETH coins.


 


Ethereum price statistics the ETh price change in 24 hours is +$47.90 of 3.13% 24 hour low is $1,520.99 and 24 hours high is $1,579.48 with 19.34% Market dominance. 


ETH's 7-day low is $1,318.53 and 7 day high is $1,579.48 with 55555.81% Ethereum ROI. 


If Ethereum fails to clear the $1585 resistance it could start a downside correction and initial support on the downside is near the $1550 level.


Related: Polygon Proposes Hard Fork to address, Gas fee spikes

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