The price of Ethereum (ETH) has reached a new yearly high at $322, surpassing the previous high achieved in February 2020. Three key catalysts are seemingly behind the ETH rally.
Since early 2020, the anticipation of Ethereum 2.0, which would enable staking for users, pushed the demand for ETH upward. Staking allows users to receive incentives when miners are eliminated from the Ethereum network. A proof-of-stake consensus algorithm does not need miners on the protocol. Instead, users with a stake in ETH collectively process data and information through staking. In return, they receive rewards in the form of ETH.