Ethereum’s Price Rises Above $1,600 After Developers Confirm Tentative Date for Major Software Update. Here’s What That Means for Investors – NextAdvisor

Share
Mortgages
Credit Cards
Loans
Insurance
Banking
Financial Goals
Follow Us
‘Crypto Winter Could Be Over’ If Bitcoin’s Price Does This, According to One Expert
Hype Surrounding Ethereum’s Merge Pushes Price Up 40%. What Comes Next, According to Experts
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for Crypto Investors
The Crypto Market Is a Hot Mess. Here’s What Investors Should Know About How Cryptocurrency Actually Works
Binance Coin Price (BNB/USD) | Today’s Price
It’s Been a Boring Week for Bitcoin and Ethereum Prices. Don’t Expect It to Stay That Way, Experts Say
Avalanche Price (AVAX/USD) | Today’s Price
Crypto Prices Could Be In for Another Big Crash, With One Expert Predicting ‘It’ll Get Scary’
DeFi Is the Wild West of Banking and Investing. Here’s What Crypto Investors Should Know
After a Short Rally, Bitcoin and Ethereum Prices Plummet. Here’s What Comes Next, According to These Experts
Senior Staff Writer
Alex Gailey is a journalist who specializes in personal finance, banking, credit cards, and fintech. Prior to…
Share
Ethereum’s price lost some gains on Thursday, nearly a week after the network’s developers announced a tentative date for its massive software update, which is now slated for September 19. Ether was trading just under $1,500, down nearly 7% over the last 24 hours.
Investors and developers are calling its upgrade “the Merge,” and it will change how transactions on ethereum are ordered, making it more efficient and sustainable for widespread use. But until that happens, experts are waiting to see how investors and companies building their tech on ethereum’s platform respond to the changes.
Ethereum has been underperforming bitcoin so far in 2022, which experts say could be due to building anticipation for the network’s transition from proof-of-work to proof-of-stake and a broader market retreat from risky assets. The crypto market crashed in June after the Federal Reserve aggressively raised interest rates, crypto companies announced layoffs and froze withdrawals, and the industry continued to face regulatory challenges.
“After multiple pushbacks, this week saw another set of successful testing which is bringing confidence that the timescales are still feasible,” says Ben Small, head of partnerships at GlobalBlock. “It might be worth following these updates as we move closer to August as you could argue another bout of volatility could follow if the next set of testing falls short of expectations.”
Experts say the crypto market is also reflecting heightened volatility that comes with war, continued surging inflation, and shifting U.S. monetary policy. Experts also point to other factors like the crypto market tracking the stock market, more mainstream adoption, and slumping prices in recent months as contributing to what we’re seeing with crypto prices right now. Government officials have also continued to show an interest in more crypto regulation and even the possibility of creating a government-issued digital currency. Bitcoin’s price has had a similarly rough stretch lately.
All this has made for a shaky start to the year for ethereum. Ethereum’s price has been between $1,100 and $1,600 so far this week. Here’s how ethereum’s current price compares to its daily high point over the past few months:
After topping $4,100 on Dec. 27, ethereum has ranged between $2,100 and $4,000 in the days since. Despite the slow start to 2022, many experts are still bullish, predicting ethereum’s price could potentially hit and exceed $12,000 this year.
Despite the recent slump, ethereum still had a relatively strong close to 2021. ethereum set a new all-time when it went over $4,850 on Nov. 10, and it carried that strength into December before falling back by the end of the month. Even with the late slump, Ethereum closed the year way over where it was at the start: In January 2021, ethereum’s price was just a little over $1,000.
Like, Ethereum, bitcoin has stalled over the past month as well after its own strong November; bitcoin set a new all-time high when it went over $68,000 on Nov. 10. The future of cryptocurrency is sure to include plenty more volatility in the price of bitcoin and ethereum, and experts’ advice for investors remains the same. 
As with any long-term investment, experts advise to ignore the ups and downs. The latest high price doesn’t mean ethereum’s volatility has gone away. 
“The real question is, owning these coins, are they going to continue to experience compound, exponential growth? Nothing in the fundamentals of cryptocurrency tells me that answer is yes,” says Jeremy Schnieder, the investing expert behind Personal Finance Club.
Because there’s no guarantee that any crypto’s value will increase, experts advise to never invest more than 5% of your portfolio in cryptocurrency. Never invest at the risk of not meeting other financial goals like paying off high-interest debt or saving for retirement.
If you’ve met all of those benchmarks, the best thing you can do is ignore the hype around new record highs or lows. Like with traditional, long-term investing, the best thing you can do is “set it and forget it,” Humphrey Yang, the personal finance expert behind Humphrey Talks, previously told NextAdvisor.
Former NextAdvisor reporter Ryan Haar contributed.
Thanks for signing up!
We’ll see you in your inbox soon.
Enter your email
Facebook
Twitter
Instagram
LinkedIn
YouTube
Tell us what you think
Did this article answer your questions?
Time is Up!
Let us know what questions you still have about this topic or any others.
Time is Up!
Thanks for your feedback!
Before you go, sign up for our newsletter to get NextAdvisor in your inbox.
Thanks for signing up!
We’ll see you in your inbox soon.
I would like to subscribe to the NextAdvisor newsletter. See privacy policy
Chase
4 min read
Mortgages
8 min read
Mortgage Lender Reviews
6 min read
Credit Cards
7 min read
At NextAdvisor we’re firm believers in transparency and editorial independence. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. We do not cover every offer on the market. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors.
Subscribe to our newsletter
Thanks for signing up!
We’ll see you in your inbox soon.
I would like to subscribe to the NextAdvisor newsletter. See privacy policy
Follow us
© 2022 NextAdvisor, LLC A Red Ventures Company All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use, Privacy Policy (Your California Privacy Rights) and California Do Not Sell My Personal Information. NextAdvisor may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

source