Ethereum (ETH) has broken out again! A week ago, the ether broke $ 2,500 for the first time, shortly after the "Berlin hard fork." Last weekend, however, a flash crash caused the ether price to dip below $ 2,000 again.
Ethereum recovered quite quickly after the crash, breaking through for the second time ever today by $ 2,500. Ethereum has just hit a new all-time high (ATH) at $ 2,603 after climbing about 10% in the last 24 hours.
At the time of writing, ether just failed to break through $ 2,600 as well, but there may be a further rise in the offing today. Decentralized finance (DeFi) tokens are also performing well today, and some even better than ether.
For example, Aave (AAVE) and SushiSwap (SUSHI) are now slightly more than 10% in the plus, Uniswap (UNI) is up by 16%, Compound (COMP) is even 22% in the plus and Maker (MKR) is no less than 30% . Brother Ethereum Classic (ETC) is also currently 15% green.
Last week’s Berlin update failed to bring down the infamous transaction fees on Ethereum, but given the momentum of the price, there is clearly still hope that the upcoming London hard fork with EIP-1559 will problem will solve.
EIP-1559 should not only bring down transaction costs, it will also make ether a deflationary currency. This can push the price up even further because the circulating supply then decreases.
The ether price showed a high degree of correlation with bitcoin over the past month, but seems to be letting go of that now. Meanwhile, bitcoin’s dominance has fallen below 50% for the first time in three years. In addition, yesterday launched the very first ether exchange-traded funds (ETFs) in the world. Another notable climber today is Ethereum competitor Solana (SOL.