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Ethereum rallies 10% past $1,500 for the first time since The Merge

By Alara Jordan

Edited by Charlie Mellor

15:00, 26 October 2022

Representation of an Ethereum (ETH) token surrounding by other ether tokens
Ethereum rose above the $1,500 threshold for the first time since The Merge on 15 September – Photo: Shutterstock

The price of Ethereum (ETH) was today trading at its highest price following its move to a proof-of-stake (PoS) consensus last month. At one point, Ether was swapping hands at $1,570, up 14.8% in the last 24 hours.

ETH witnessed a short spike on 25 October that saw the cryptocurrency hit a daily high of $1,509.99, the first time the second largest cryptocurrency rose above the $1,500 threshold since The Merge took place on 15 September. 

Ethereum began to settle to around the $1,460 level the same day, before climbing back up in price on 26 October. At the time of writing, Ethereum was trading at $1,575.

Bitcoin clears $20,000

Bitcoin (BTC) has also rallied in tandem with ETH as it pushed past its resistant level of $20,000. As of 26 October, BTC was trading at $20,827, up 6.8% in the last 24 hours.

Other popular altcoins are also enjoying a positive rally – dogecoin (DOGE) was trading at $0.069, up 10% in the last 24 hours, while solana (SOL) hit a high of $32.07, up 9.7% in the last 24 hours.

The toncoin (TON) token also emerged as one of the biggest gainers of the day, with its price surging more than 20% at one point to a high of $1.91.

ETH/USD

3,492.83 Price
-0.990% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

66,886.75 Price
-0.890% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
-2.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

172.75 Price
-1.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC to USD

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What’s prompted the green shift?

There could be a series of factors linked to the wider cryptocurrency market going green. Analysts have referenced links between the appointment of UK Prime Minister Rishi Sunak and his optimism towards cryptocurrencies as a positive signal for the market.

Some analysts have also pointed towards the news surrounding UK lawmakers voting towards bringing cryptocurrencies within the scope of regulation and recognising crypto as a financial instrument

Ethereum entered 2022 trading upwards of $3,600, and has witnessed a steady decline in price over the last few months. 

Markets in this article

ETH/USD
Ethereum / USD
3492.83 USD
-34.87 -0.990%
BTC/USD
Bitcoin / USD
66886.75 USD
-598.6 -0.890%
DOGE/USD
DogeCoin / USD
0.1319526 USD
-0.0031899 -2.370%
SOL/USD
Solana / USD
172.7466 USD
-2.1718 -1.250%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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