Ethereum April 2024 Headlines: What’s Really Happening with ETH Price Action?
In this report, we explore and analyze the Ethereum ecosystem and ETH price action in April 2024.
Key takeaways:
Founded in 2013 by Vitalik Buterin, Ethereum serves as a distributed blockchain computing platform designed for the execution of smart contracts and decentralized applications (DApps). The network enables users to create and innovate extensively with smart contracts, catalyzing the emergence of various assets and industries such as decentralized finance (DeFi), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), Web3 and beyond. At its core, Ethereum features an execution engine tailored for smart contract processing, known as the Ethereum Virtual Machine (EVM). In addition, Ethereum employs a proof-of-stake (PoS) consensus mechanism, which enhances its scalability and sustainability.
April saw a period of volatility for Ether (ETH). On April 8, the ETH price reached $3,723, but plunged 30% between April 9 and April 13, reaching a 50-day low of $2,863. While there was a partial recovery on April 14, a failed attempt to break the $3,200 resistance level indicated further weakness.
On April 23, the ETH price rose above $3,200, potentially fueled by increased demand for Ethereum DApps. This was further supported by a surge in the network’s total value locked (TVL) reaching its highest level since July 2022 ($58 billion on April 12 and $56,9 billion on April 28), indicating continued activity within the DeFi space.
However, the lack of clarity regarding the approval of spot Ethereum ETFs in the U.S., especially the upcoming SEC decision on VanEck’s proposal , could dampen investor interest. At the end of the month, the ETH price dropped again, reaching $3,000.
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