Ethereum's price movement today has been influenced by a combination of geopolitical developments and strategic endorsements. The recent imposition and subsequent pause of U.S. tariffs on Canada and Mexico have created a volatile environment for financial markets, including cryptocurrencies. This uncertainty initially led to a sharp decline in Ethereum's value, but the situation improved after diplomatic efforts resulted in a temporary halt to the tariffs. Eric Trump's endorsement of Ethereum on social media further fueled the recovery, as his comments were seen as a catalyst for renewed investor interest.
Additionally, Ethereum's network enhancements have played a role in today's price dynamics. The recent increase in the gas limit, the first since 2021, has improved the network's transaction capacity, potentially boosting its appeal to investors. This technical upgrade, coupled with the anticipation of the upcoming Pectra upgrade, has contributed to a more optimistic outlook for Ethereum. "The increase in gas limit is a significant step towards enhancing Ethereum's scalability," noted Vitalik Buterin, co-founder of Ethereum, in a recent announcement.
Ethereum's price has experienced a modest increase of 0.59% today, reaching $2,748.20. The cryptocurrency traded between a low of $2,715.28 and a high of $2,762.51 throughout the day.