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Why is Ethereum (ETH) price up today?

Published 04/14/2023, 03:12 PM
Updated 04/16/2023, 05:40 PM
ETH/USD
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Ethereum (ETH) is witnessing a price breakout on the back of the successful Shanghai and Capella (Shapella) upgrades. The increased bullish sentiment after the upgrade led Ether price to hit a year-to-date high of $2,123 on April 14.

Ether price and sentiment dashboard. Source: Cointelegraph Markets Pro

The Ethereum decentralized finance (DeFi) ecosystem received more daily fees, growing 30% in 24-hours on April 14 in tandem with Ether’s price growth. With the increase in Ether fees, the Ethereum proof of stake (PoS) token economics have turned deflationary and revenue is up 32% in the past 24-hours.

Ethereum network fees and revenue. Source: TokenTerminal
Staked Ether dashboard. Source: Nansen
Ethereum post-merge deposits and withdrawals. Source: Nansen
BTC and Ether dominance chart. Source: BTCTools
Interest rate predictions. Source: CME

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