Ethereum Turns 11 As ETH Trades Down 61 Percent From Peak

Ethereum just celebrated its eleventh birthday with plenty of network milestones, but the native token has faced a tough twelve months in the market. On its anniversary, ETH traded near $1,920, which is roughly 61 percent below the all time high of $4,946 set last August. Despite the sluggish price action, network fundamentals continue to push forward with higher gas limits and scaling rollups handling the bulk of activity.

Traditional finance has also stepped up its involvement with new fund options. Major Wall Street firms recently rolled out exchange traded products that include staking rewards for holders, following fresh tax guidance. On the development front, upcoming upgrades aim to boost the gas limit even further while preparing the network for post quantum security requirements.

Behind the scenes, the Ethereum Foundation experienced a busy period with several high profile departures and a reshuffle of its workforce into new operational clusters. Traders will want to watch whether upcoming protocol upgrades and institutional fund inflows can spark a recovery for the second largest cryptocurrency by market capitalization.