Why Ethereum Price Up 1.20% Today as ETH Trades At $2,695?

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The price of Ethereum (ETH) today is $2,707.0 as of 11 AM. Ether prices hit a daily high of $2,762.4 today after dropping 2.17% on October 21.

Ethereum Price is Down Today: Why?

The Ethereum price trades at $2,713 after dropping 1.20% in the early Asian session on October 21, 2024, Monday. The ongoing price correction could be driven by profit-taking after Ether’s price shot up 3.73% on Sunday. BTC’s short-term slip also influences ETH as it trades just under the $70,000 psychological level.

Ethereum Price Charts

*Ethereum price updated as of 11 AM.

Ethereum has been a popular altcoin due to its innovative smart contract technology since its launch in 2015. Due to this, the Ethereum blockchain receives major network upgrades that keep it at the forefront of smart contract technology. Cancun was the last update that occurred on March 13, 2024.

Ethereum Price History

The year-to-date (YTD) performance of ETH is 18.27% as of October 21, 2024, i.e., if you invested $10,000 in ETH on January 1, 2024, the portfolio, after 295 days, would be worth nearly $10,100. Regardless of Ethereum’s lackluster performance and volatility, the market capitalization of ETH stands at $325.7 billion.

Ethereum Market Cap: The Second-Largest Cryptocurrency

The market capitalization of Ethereum is $325.7 billion, making it the second-largest asset next to Bitcoin’s (BTC) $1.15 trillion. Together, these two assets constitute 83% of the crypto markets. From its all-time high (ATH) of $571 billion on November 9, 2021, Ether’s market capitalization has slashed in half.

Still, Ethereum towers over other popular cryptocurrencies like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $63 billion and $30 billion, respectively. It is interesting to note that popular US companies like Adobe, Chevron, and AMD have lower market capitalization compared to Ethereum.

Despite this drop, the 24-hour trading volume of Ethereum is $19.1 billion.

Ethereum Trading Volume

The 24-hour trading volume of Ethereum is $19.1 billion. Binance contributes about 11% to this metric, followed by exchanges like OKX, Bitget, etc. Popular cryptocurrencies like SOL, XRP, and BNB have at least seven times lower trading volume than ETH.

Ethereum Blockchain Upgrade to PoS

One major Ethereum blockchain upgrade that stands out more than the rest is the London hard fork since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Vitalik Buterin, the co-founder of Ethereum, recently posted on X (formerly Twitter) on how PoS is more decentralized than PoW.

No, this is a d*ck. pic.twitter.com/HGdLsheEzi

— vitalik.eth (@VitalikButerin) September 12, 2024

Ethereum Blockchain Upgrades in The Last 5 Years

Here are some of the major milestone upgrades that the Ethereum network faced in the past 5 years.

2024

Cancun-Deneb (“Dencun”)

2023

Shanghai-Capella (“Shapella”)

2022

Paris (The Merge)
Bellatrix
Gray Glacier

2021

Arrow Glacier
Altair
London
Berlin

2020

Beacon Chain genesis
Staking deposit contract deployed
Muir Glacier

Ethereum Gas Price Influence

The three core principles or reasons to upgrade the Ethereum blockchain are to address the blockchain trilemma – decentralization, security, and scalability. This switch to PoS focused on improving Ethereum’s decentralization, security, and scalability. After the PoS chain was enabled, the gas fees on Ethereum have dropped drastically and attracted more investors.

As of October 21, the gas fee for a transaction on the ETH network as of 11 AM is 8.104 Gwei.

Gwei is a unit of gas measure, similar to tax, that needs to be paid for securely transacting on the Ethereum blockchain.

If the value on chain has increased and presents an opportunity, it could attract investors, pushing gas fees higher. This type of activity often happens during the bull run and hits a peak when prices hit new all-time highs.

Ethereum Price Prediction & Trends

Despite the slow downtrend in Bitcoin, the recent uptick toward $69K is a good shift in momentum for BTC. However, Ethereum’s price performance in 2024 is nothing short of a disappointment for many investors.

Ethereum prices 2024

As of ‘October 21, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at 3,847.37%

3-month returns:

DIA +216%
CELO +62%
RAY +56%
FTT +52%
SUPER +48%

YTD returns:

BTC +55.14%
SOL +53.07%
SUI +148.46%
ETH +18.27%
APT +2.35%
TIA -57.65%

Ethereum Price For Next 7 Days

Date Price Change

October 16, 2024	$2,610.40	-0.41%
October 17, 2024	$2,636.88	0.6%
October 18, 2024	$2,662.24	1.57%
October 19, 2024	$2,702.34	3.1%
October 20, 2024	$2,725.58	3.98%
October 21, 2024	$2,712.67	3.49%
October 22, 2024	$2,646.35	0.96%

Based on the Ethereum price prediction, investors can expect a 3.25% correction from ETH in the next 30 days. This outlook would suggest Ether price would be trading at $2,612 on October 28, 2024.

Ethereum Prices 2025-2029

January	$2,486.50	$2,992.67	$2,739.58	13.6%
February	$2,486.46	$3,207.01	$2,846.74	18.1%
March	$2,486.42	$3,421.36	$2,953.89	22.5%
April	$2,486.38	$3,635.70	$3,061.04	27%
May	$2,486.34	$3,850.05	$3,168.19	31.4%
June	$2,486.30	$4,064.39	$3,275.35	35.9%
July	$2,486.25	$4,278.74	$3,382.50	40.3%
August	$2,486.21	$4,493.08	$3,489.65	44.7%
September	$2,486.17	$4,707.43	$3,596.80	49.2%
October	$2,486.13	$4,921.77	$3,703.96	53.6%
November	$2,486.09	$5,136.12	$3,811.11	58.1%
December	$2,486.05	$5,350.46	$3,918.26	62.5%
All Time	$2,486.27	$4,171.56	$3,328.92	38.1%

January	$2,714.38	$5,352.51	$4,114.66	70.7%
February	$2,942.71	$5,354.55	$4,311.05	78.8%
March	$3,171.04	$5,356.60	$4,507.45	87%
April	$3,399.37	$5,358.64	$4,703.84	95.1%
May	$3,627.70	$5,360.69	$4,900.24	103.2%
June	$3,856.03	$5,362.73	$5,096.63	111.4%
July	$4,084.35	$5,364.78	$5,293.03	119.5%
August	$4,312.68	$5,366.82	$5,489.42	127.7%
September	$4,541.01	$5,368.87	$5,685.82	135.8%
October	$4,769.34	$5,370.91	$5,882.21	144%
November	$4,997.67	$5,372.96	$6,078.61	152.1%
December	$5,226	$5,375	$6,275	160.3%
All Time	$3,970.19	$5,363.75	$5,194.83	115.5%

January	$5,417.25	$5,571.75	$6,513.75	170.2%
February	$5,608.50	$5,768.50	$6,752.50	180.1%
March	$5,799.75	$5,965.25	$6,991.25	190%
April	$5,991	$6,162	$7,230	199.9%
May	$6,182.25	$6,358.75	$7,468.75	209.8%
June	$6,373.50	$6,555.50	$7,707.50	219.7%
July	$6,564.75	$6,752.25	$7,946.25	229.6%
August	$6,756	$6,949	$8,185	239.5%
September	$6,947.25	$7,145.75	$8,423.75	249.4%
October	$7,138.50	$7,342.50	$8,662.50	259.3%
November	$7,329.75	$7,539.25	$8,901.25	269.2%
December	$7,521	$7,736	$9,140	279.1%
All Time	$6,469.13	$6,653.88	$7,826.88	224.6%

January	$7,771.92	$8,001.25	$9,467.83	292.7%
February	$8,022.83	$8,266.50	$9,795.67	306.3%
March	$8,273.75	$8,531.75	$10,123.50	319.9%
April	$8,524.67	$8,797	$10,451.33	333.5%
May	$8,775.58	$9,062.25	$10,779.17	347.1%
June	$9,026.50	$9,327.50	$11,107	360.7%
July	$9,277.42	$9,592.75	$11,434.83	374.3%
August	$9,528.33	$9,858	$11,762.67	387.9%
September	$9,779.25	$10,123.25	$12,090.50	401.5%
October	$10,030.17	$10,388.50	$12,418.33	415.1%
November	$10,281.08	$10,653.75	$12,746.17	428.7%
December	$10,532	$10,919	$13,074	442.3%
All Time	$9,151.96	$9,460.13	$11,270.92	367.5%

January	$10,940	$11,331.17	$13,534.75	461.4%
February	$11,348	$11,743.33	$13,995.50	480.5%
March	$11,756	$12,155.50	$14,456.25	499.6%
April	$12,164	$12,567.67	$14,917	518.7%
May	$12,572	$12,979.83	$15,377.75	537.8%
June	$12,980	$13,392	$15,838.50	556.9%
July	$13,388	$13,804.17	$16,299.25	576%
August	$13,796	$14,216.33	$16,760	595.1%
September	$14,204	$14,628.50	$17,220.75	614.3%
October	$14,612	$15,040.67	$17,681.50	633.4%
November	$15,020	$15,452.83	$18,142.25	652.5%
December	$15,428	$15,865	$18,603	671.6%
All Time	$13,184	$13,598.08	$16,068.88	566.5%

Ethereum will likely end its ongoing slump and rally higher from 2025 to 2030. Based on Coingape’s Ethereum price prediction for 2024, Ether prices could hover between $2,500 and $2,700.

In 2025, the smart contract token could trade between $2,500 and $3,300, with a potential ROI of 76%. The uptrend is a common theme between now and 2030, with ETH prices surpassing the current ATH of $4,864 and hitting $22,900 in 2030.

Ethereum Prices 2030-2050

2030

2031

2032

2033

2040

2050

January	$16,092.58	$16,559.25	$19,264.08	699%
February	$16,757.17	$17,253.50	$19,925.17	726.4%
March	$17,421.75	$17,947.75	$20,586.25	753.8%
April	$18,086.33	$18,642	$21,247.33	781.3%
May	$18,750.92	$19,336.25	$21,908.42	808.7%
June	$19,415.50	$20,030.50	$22,569.50	836.1%
July	$20,080.08	$20,724.75	$23,230.58	863.5%
August	$20,744.67	$21,419	$23,891.67	890.9%
September	$21,409.25	$22,113.25	$24,552.75	918.4%
October	$22,073.83	$22,807.50	$25,213.83	945.8%
November	$22,738.42	$23,501.75	$25,874.92	973.2%
December	$23,403	$24,196	$26,536	1000.6%
All Time	$19,747.79	$20,377.63	$22,900.04	849.8%

January	$24,169.83	$24,997.58	$27,711.08	1049.4%
February	$24,936.67	$25,799.17	$28,886.17	1098.1%
March	$25,703.50	$26,600.75	$30,061.25	1146.8%
April	$26,470.33	$27,402.33	$31,236.33	1195.6%
May	$27,237.17	$28,203.92	$32,411.42	1244.3%
June	$28,004	$29,005.50	$33,586.50	1293.1%
July	$28,770.83	$29,807.08	$34,761.58	1341.8%
August	$29,537.67	$30,608.67	$35,936.67	1390.5%
September	$30,304.50	$31,410.25	$37,111.75	1439.3%
October	$31,071.33	$32,211.83	$38,286.83	1488%
November	$31,838.17	$33,013.42	$39,461.92	1536.7%
December	$32,605	$33,815	$40,637	1585.5%
All Time	$28,387.42	$29,406.29	$34,174.04	1317.4%

January	$33,881.25	$35,131.33	$42,063	1644.6%
February	$35,157.50	$36,447.67	$43,489	1703.8%
March	$36,433.75	$37,764	$44,915	1762.9%
April	$37,710	$39,080.33	$46,341	1822.1%
May	$38,986.25	$40,396.67	$47,767	1881.2%
June	$40,262.50	$41,713	$49,193	1940.4%
July	$41,538.75	$43,029.33	$50,619	1999.5%
August	$42,815	$44,345.67	$52,045	2058.6%
September	$44,091.25	$45,662	$53,471	2117.8%
October	$45,367.50	$46,978.33	$54,897	2176.9%
November	$46,643.75	$48,294.67	$56,323	2236.1%
December	$47,920	$49,611	$57,749	2295.2%
All Time	$40,900.63	$42,371.17	$49,906	1969.9%

January	$49,768.50	$51,484	$59,820.33	2381.1%
February	$51,617	$53,357	$61,891.67	2467.1%
March	$53,465.50	$55,230	$63,963	2553%
April	$55,314	$57,103	$66,034.33	2638.9%
May	$57,162.50	$58,976	$68,105.67	2724.8%
June	$59,011	$60,849	$70,177	2810.7%
July	$60,859.50	$62,722	$72,248.33	2896.6%
August	$62,708	$64,595	$74,319.67	2982.5%
September	$64,556.50	$66,468	$76,391	3068.4%
October	$66,405	$68,341	$78,462.33	3154.3%
November	$68,253.50	$70,214	$80,533.67	3240.3%
December	$70,102	$72,087	$82,605	3326.2%
All Time	$59,935.25	$61,785.50	$71,212.67	2853.7%

January	$72,550.17	$75,090.58	$85,513	3446.8%
February	$74,998.33	$78,094.17	$88,421	3567.4%
March	$77,446.50	$81,097.75	$91,329	3688%
April	$79,894.67	$84,101.33	$94,237	3808.6%
May	$82,342.83	$87,104.92	$97,145	3929.2%
June	$84,791	$90,108.50	$100,053	4049.9%
July	$87,239.17	$93,112.08	$102,961	4170.5%
August	$89,687.33	$96,115.67	$105,869	4291.1%
September	$92,135.50	$99,119.25	$108,777	4411.7%
October	$94,583.67	$102,122.83	$111,685	4532.3%
November	$97,031.83	$105,126.42	$114,593	4652.9%
December	$99,480	$108,130	$117,501	4773.5%
All Time	$86,015.08	$91,610.29	$101,507	4110.2%

January	$102,603.75	$110,953.42	$120,084.17	4880.7%
February	$105,727.50	$113,776.83	$122,667.33	4987.8%
March	$108,851.25	$116,600.25	$125,250.50	5095%
April	$111,975	$119,423.67	$127,833.67	5202.1%
May	$115,098.75	$122,247.08	$130,416.83	5309.2%
June	$118,222.50	$125,070.50	$133,000	5416.4%
July	$121,346.25	$127,893.92	$135,583.17	5523.5%
August	$124,470	$130,717.33	$138,166.33	5630.7%
September	$127,593.75	$133,540.75	$140,749.50	5737.8%
October	$130,717.50	$136,364.17	$143,332.67	5844.9%
November	$133,841.25	$139,187.58	$145,915.83	5952.1%
December	$136,965	$142,011	$148,499	6059.2%
All Time	$119,784.38	$126,482.21	$134,291.58	5470%

From 2023 to 2050, the Ethereum price forecast notes a massive expansion rally for ETH. The average price of Ether in 2050 is $126,482.21 in the six-digit territory. Investors must note that this is highly speculative and bound to change. However, the peak for ETH in 2050 is $134,291.58, and the lowest point is $119,784.38.

Ethereum price performance vs. bitcoin price performance

Since the start of 2024, Bitcoin price has maintained a strong lead and has yielded a return of 55.14%. Ethereum’s year-to-date performance shows a 18.27% return.

4 Reasons For Ethereum’s Lackluster Price Performance For Most of 2024

The lack of volatility in ETH can be attributed to the launch of spot Bitcoin ETFs, which has been a major selling point to traditional investors.
Although spot Ethereum ETF was launched in 2024, Ethereum prices have not moved; the reason for this could be narrative. Traditional investors are unlikely to be lured by DeFi or smart contracts. On the other hand, they are more than likely to agree to invest in Bitcoin’s ‘digital gold’ or ‘hedge against inflation’ narrative.
Ethereum-killer Solana saw a massive comeback in 2024, even without the launch of spot Solana ETF. This comeback caused many investors to be attracted to the gains of an ETH-killer that could outperform Ether. So far, Solana has done that, with a YTD return of 63.37%, far higher than ETH.
Apart from Solana’s high throughput and low fees, the launch of meme coins caused massive liquidity migration from SOL to ETH. As a result, many abandoned Ethereum, an old, slow, expensive blockchain for Solana.

Regardless, The price of Ethereum could see a comeback if the ETH ETF flows start to pick up. So far, this metric has flashed negative and shows no signs of improvement as of October 21.

Ethereum ETFs Little Impact

Since launch, the cumulative Ethereum ETF flows have been net negative, which is unlike Bitcoin’s. Even Bitcoin saw outflows initially due to investors cashing out from Grayscale and moving to better ETF alternatives with lower fees. With BTC, the first two weeks saw massive outflows, but after this point, the inflows outpaced outflows, showcasing the demand.

With Ethereum spot ETFs, the cumulative total net inflow is -$479.99 million, with an October 18 inflow of -$1.91 million.