According to TechFlowPost market data, Ethereum's ETH price has fallen below the $1,600 level, posting a 10.72% drop within 24 hours. The coin has faced multiple headwinds this year.
Ethereum is the world's second-largest cryptocurrency by market capitalization, and its blockchain underpins a vast array of decentralized applications. ETH serves as the native token for paying gas fees, staking, and governance. In 2022, Ethereum completed its "Merge" upgrade from proof-of-work to proof-of-stake, drastically reducing energy consumption. It also introduced a transaction fee burning mechanism via EIP-1559, giving ETH a deflationary characteristic during periods of high network activity.
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