Ethereum's price movement today has been influenced by several key developments. The recent filing by Coinbase in their FOIA lawsuit against the SEC has brought attention to the regulatory scrutiny surrounding Ethereum, particularly its ETH 2.0 upgrade. This has created uncertainty in the market, leading to increased trading activity and a temporary decline in Ethereum's price. Additionally, the broader crypto market has been affected by the SEC's evolving regulatory stance, with the creation of a new Crypto Task Force aimed at clarifying rules for cryptocurrencies. This regulatory backdrop has contributed to the volatility in Ethereum's price.
Despite these regulatory challenges, Ethereum has seen some positive developments. The recent increase in Ethereum's gas limit, the first since 2021, aims to improve transaction capacity and reduce congestion on the network. This change, along with the anticipated Pectra upgrade, is expected to enhance Ethereum's scalability and smart contract functionality. These technical improvements have provided some support to Ethereum's price, as investors remain optimistic about the network's long-term potential.
Ethereum's price has increased by 1.65% today, reaching $2,777.03, with a high of $2,789.52 and a low of $2,701.24.