$750: Ether's Price Hits Highest Level Since Early March

Ether has defied regulatory concerns to regain highs from early March.

AccessTimeIconMay 3, 2018 at 3:30 p.m. UTC
Updated Sep 13, 2021 at 7:54 a.m. UTC

The price of ether, the cryptocurrency native to the ethereum blockchain, broke above $750 Thursday, reaching its highest level since March 8, according to CoinDesk data.

Ether climbed by over 9 percent in the space of 24 hours, briefly breaking above $752 around 14:05 UTC. The price is roughly $746 at the time of writing, price metrics reveal.

ether may 2-3 chart
ether may 2-3 chart

May 2-3 ether price chart. Source: CoinDesk.

The cryptocurrency is well below its all-time highs of over $1,200, which it reached in January. The prices fell steeply during the following months, in line with a broad decline across nearly all crypto-assets. It bottomed out in early April, however, and has nearly doubled from its level of $380 on April 5.

Ether's rise has defied growing regulatory concerns, as authorities in the U.S. and elsewhere crack down on initial coin offerings (ICOs), many of which have been launched on the ethereum network. Despite increased scrutiny, however, ICOs have continued, with the value raised in the first quarter surpassing the total for all of 2017.

More recently, questions have arisen about the legal status of ether itself. Former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler commented in late April that ether might qualify as a security, meaning it could be subject to stricter regulation by the Securities and Exchange Commission (SEC).

Joseph Lubin, a co-founder of ethereum, responded Tuesday by reiterating his view that ether does not fit the definition of a security.

On the technology front, ethereum developers are making progress towards technical improvements such as sharding – a technique to reduce network congestion – and Casper, a roadmap to introduce a "proof of stake" consensus mechanism to the network.

Coaster image via Shutterstock.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.