The chart above is an Ethereum candlestick chart that shows the price movements of ETH. These price charts give traders the ability to select custom timeframes and view daily pricing candles of their favourite assets.
Candlestick charts are used by all successful traders to perform crypto technical analysis and develop trading strategies. Candlestick charts track the price movements of an asset during a specific trading period, many traders will use candlestick charts to predict patterns within the market.
To learn more, check out our guide to candlestick charts on Swyftx learn.
ETH is the digital currency used on the Ethereum network. The digital currency was launched in 2015 and grew very quickly. It currently sits as the second-largest digital currency by market cap behind Bitcoin. Given its large market cap, Ethereum price (ETH) has shown that it holds its value better than smaller digital assets during periods of market volatility. Despite this, however, Ethereum’s price (ETH) has not been completely resistant to large price fluctuations in recent years (both up and down).
Since its launch, Ethereum (ETH) has evolved – constantly improving aspects of its network to accommodate better scalability, security, and adoption.
Much like other investments, assets and digital currencies, the current price of Ethereum is determined by its supply and demand. An increase in demand for Ethereum and trade volume will cause the current price to trend upwards and an increase in people wanting to sell Ethereum will drive the price down.
All transactions made on the Ethereum blockchain also incur “gas fees”. Gas fees are transaction costs paid in Ethereum tokens to compensate for the computational power used by an Ethereum block.
The Ethereum network is the most actively used blockchain network in the crypto market and is now the second-largest cryptocurrency by market capitalisation and volume. Ethereum’s value primarily comes from its smart contract functionality, scalability, and its widespread adoption within the cryptocurrency and blockchain industry. The Ethereum blockchain operates as a platform for hosting decentralized applications (dApps) and also to execute smart contracts.
It is expected to transition from proof of work to proof of stake consensus algorithm in an upgrade being referred to as Ethereum 2.0. This transition is Ethereum’s attempt to facilitate over 100,000 transactions per second on its network.
Before investing in Ethereum, we recommend conducting your own research.
Ethereum and Bitcoin (BTC) primary point of difference is their use cases. Bitcoin has been designed as an alternative currency to traditional fiat assets. The Ethereum blockchain is a programmable network that numerous services can build on, including DeFi, smart contracts, decentralized apps and NFTs.
To create your Swyftx account in order to trade Ethereum you will be required to provide personal details such as; name, email address and phone number. To activate your account, you’ll need to verify your ID by submitting a valid driver’s license or passport.
Once your account has been verified, you can deposit funds via numerous payment methods: bank transfer, OSKO, PayID, POLi, credit/debit card.
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