Ethereum
ETHRank #2- Market cap
- $304.49B
- 24h volume
- $14.49B
- 7d change
- -0.1%
- 30d change
- +34.4%
- 24h high / low
- $2,515.54 / $2,372.43
- Circulating supply
- 122.02M
- Max supply
- —
- All-time high
- $4,946.05 (Aug 24, 2025)
Ethereum is a global, open-source smart-contract platform that transitioned to Proof of Stake, cutting energy use by over 99% while hosting over $14 billion in DeFi applications.
By the PickACrypto Team · Updated Aug 10, 2026
Our read on Ethereum
Establisheddeflationary mechanismdominant DeFi hub
Ethereum's position as the largest smart-contract platform is reinforced by deep DeFi liquidity, a broad developer community, and a fee-burn mechanism that can offset issuance. Its lack of a fixed supply cap and reliance on layer-2 scaling for throughput remain structural tensions that shape the network's long-term fee and security model.
- #2
- Market-cap rank
- Proof of Stake (since September 2022)
- Consensus
- 120,682,058 ETH
- Circulating supply
- No fixed cap
- Max supply
- July 2015 after $18M+ crowdfunding
- Launch
- EIP-1559 base fee burn with dynamic adjustment
- Fee model
The bull case
- EIP-1559 burns ETH with every transaction, creating deflationary pressure during high network activity when more ETH is destroyed than issued to validators.
- The 2022 Merge cut energy consumption by over 99%, removing a major barrier to institutional and ESG-conscious participation.
- Over $14 billion in DeFi value sits on Ethereum, giving it the deepest liquidity and composability moat among smart-contract platforms.
- Spot ETH ETFs approved by the SEC in 2024 open exposure through conventional brokerage accounts, widening the potential holder base.
The bear case
- No fixed maximum supply means long-term issuance is governed by protocol parameters that can change, so absolute scarcity is not enforced by a hard cap.
- Validator staking yields of 3–5% compete with traditional yield products, and sustained low network revenue could pressure staking economics.
- The base layer's limited throughput forces activity onto layer-2 networks, which may fragment liquidity and capture fee revenue that would otherwise accrue to mainnet.
What Ethereum is
Ethereum is a decentralized, open-source blockchain that functions as a programmable global computer. Unlike Bitcoin, which is designed primarily as digital money, Ethereum lets developers write and deploy smart contracts—self-executing programs that automatically enforce agreements without intermediaries such as banks or brokers.
Smart contracts are written predominantly in Solidity and run on the Ethereum Virtual Machine. This programmability has turned Ethereum into the foundation for decentralized finance, NFT marketplaces, gaming platforms, and a wide range of other applications. The network is maintained by thousands of independent validator nodes that process transactions and execute contract code.
How it works
Since September 2022, Ethereum has operated under Proof of Stake. Validators lock ETH as collateral to propose and attest to blocks, earning rewards for honest behaviour and facing penalties—slashing—for malicious actions. This design secures the chain while reducing energy consumption by over 99% compared to the former Proof of Work model.
Transaction fees are governed by EIP-1559, which introduced a dynamic base fee that adjusts with demand. That base fee is burned with every transaction, removing ETH from circulation. When network activity is high, the amount burned can exceed the ETH issued to validators, creating periods of net-negative supply growth.
Tokenomics
Ether (ETH) is a multi-purpose asset. It pays transaction fees (gas), is staked to secure the network and earn estimated annual yields of 3–5%, serves as collateral across DeFi protocols, and is used to purchase NFTs and other digital assets.
Circulating supply stands at 120,682,058 ETH, and total supply matches that figure. There is no fixed maximum cap. Instead, supply dynamics are shaped by the interplay of validator issuance and the EIP-1559 burn mechanism. During periods of high demand, the burn can outpace issuance, temporarily making ETH net-deflationary.
Competitive edge
Ethereum hosts over $14 billion in DeFi applications, making it the deepest liquidity venue among smart-contract platforms. This concentration attracts developers, protocols, and users, reinforcing a network effect that competitors have struggled to replicate.
The platform's developer community is visible through GitHub activity showing 906 pull-request contributors. Institutional access has expanded materially: publicly traded companies have added ETH to corporate treasuries, and spot Ethereum ETFs approved by the SEC in 2024 allow traditional investors to gain exposure through conventional brokerage accounts.
Ethereum hosts over $14 billion in DeFi applications, making it the deepest liquidity venue among smart-contract platforms.
Recent developments
Collected by our radar from Ethereum's own channels. Each line links to the announcement it came from.
- upgrade
Ethereum announced the Platåberget testnet, an early public testing ground for the Glamsterdam upgrade.
blog.ethereum.org → - funding
The Ethereum Foundation allocated a grant to Freedom of the Press Foundation for WEBCAT development.
blog.ethereum.org → - governance
pcaversaccio joined the Ethereum Foundation Board.
blog.ethereum.org → - governance
The Ethereum Foundation concluded a months-long reorganization to implement its Mandate and Treasury Management Policy.
blog.ethereum.org → - security
An Ethereum Working Group launched an open standard to end blind signing, a flaw contributing to billions in user losses including the Bybit hack.
blog.ethereum.org → - upgrade
Core devs established a 200M gas limit floor during preparation for the Glamsterdam network upgrade.
blog.ethereum.org →
Frequently asked questions
- Does Ethereum have a fixed supply cap?
- No, Ethereum has no fixed maximum supply. The circulating amount is influenced by validator issuance and the EIP-1559 fee-burn mechanism, which can create deflationary periods when network activity is high.
- What changed with the Merge in 2022?
- The Merge transitioned Ethereum from Proof of Work to Proof of Stake, reducing energy consumption by over 99% and replacing miners with validators who stake ETH to secure the network.
- How does ETH accrue value?
- ETH is used to pay transaction fees, stake for network security and yield, serve as DeFi collateral, and purchase NFTs. The EIP-1559 base-fee burn also removes ETH from circulation during usage, linking demand to supply reduction.
Sources
The durable facts on this page are drawn from the sources below; live market figures update from our own database. See our methodology.
Technical indicators
Computed daily by our pipeline from accumulated price history.
- RSI (14d)
- 74.99
- 50-day SMA
- $1,800.80
- 200-day SMA
- —
- Volatility (30d, annualised)
- 97.57%
- 90d support
- $1,564.84
- 90d resistance
- $2,454.81
- Correlation vs BTC
- 0.94
- Correlation vs ETH
- 1
Ethereum price prediction
Our deterministic model publishes forecast ranges for Ethereum across five horizons, each recorded immutably and scored on the Accuracy Ledger when it matures.
This is research and analysis, not financial advice. Crypto is volatile and you can lose what you put in. Figures are sourced above or drawn live from our own database. Always do your own research.
Market data synced from CoinGecko into our own database. This page's figures were captured Thu, 03 Sep 2026 16:00:00 GMT. Every figure is injected from that record; see the methodology. Nothing on this page is financial advice. Read the disclaimer.