ETH Price Update and Ethereum News
Summary:
ETH is currently trading at $2251, showing a 0.71% increase in the last 24 hours. The price is now approaching a resistance level of $2380. Additionally, Solana has surpassed Ethereum’s decentralized exchange volume for the first time. The Ethereum rollup chain Arbitrum experienced a temporary outage but is now back up and running smoothly. The supply of Ether has decreased significantly after the transition to a proof-of-stake network, with a considerable amount of ETH being burned.
Introduction:
Ethereum (ETH) has seen a slight increase in price, reaching $2251 at the time of writing. This represents a 0.71% gain within the last 24 hours. The cryptocurrency market is eagerly watching whether the price can surpass the $2331 mark and test the resistance level at $2380. Recent developments in the Ethereum ecosystem, such as Solana surpassing Ethereum’s decentralized exchange volume and the temporary outage of the Arbitrum network, have also garnered attention.
Main Points:
- 1. Solana surpasses Ethereum in DEX volume: Solana, a blockchain platform launched in 2020, has achieved an unprecedented milestone by surpassing Ethereum in 24-hour decentralized exchange volume. This development was reported by DeFiLlama, providing statistical data on December 16.
- 2. Arbitrum network outage: Ethereum’s rollup chain, Arbitrum, experienced a temporary downtime on December 15. The network was down for a little over an hour due to the Arbitrum One Sequencer stalling caused by an influx of inscriptions. However, the network is now functioning normally after resolving the issue.
- 3. Ether supply reduction: Since Ethereum transitioned from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) network, the supply of Ether has significantly decreased. Over the past week, 31,829.06 ETH, valued at approximately $71.58 million, were burned, effectively reducing the total supply. Meanwhile, 16,535 new ETH coins were issued during the same period.
Conclusion:
Ethereum’s price is showing a slight increase and is approaching a resistance level of $2380. The recent developments in the Ethereum ecosystem, such as Solana surpassing Ethereum in DEX volume and the temporary outage of the Arbitrum network, have attracted attention within the cryptocurrency community. Furthermore, the transition from a PoW to a PoS network has resulted in a significant decrease in the supply of Ether. Investors and traders continue to monitor these developments as they impact the overall market sentiment and future price movements of Ethereum.