ETHUSD is the price of ether, the currency of the Ethereum network, in US dollars. Bitcoin is designed mainly as a scarce store of value; Ethereum is a platform for applications, from stablecoins to decentralised finance, and ether pays for using it. That difference shapes how the two trade: ether usually moves more than bitcoin, has no fixed supply cap, and responds to activity on its own network as well as to the forces that move the whole crypto market.
Key takeaways
- Ethereum launched in July 2015 and switched from mining to staking, known as proof of stake, in September 2022 in an upgrade called the Merge.
- Ether has no hard supply cap. Issuance is partly offset by fees that are destroyed (“burned”) when the network is busy.
- US spot ether ETFs began trading in July 2024.
- ETH and BTC are highly correlated, but ether typically has larger percentage moves.
- The ETH/BTC ratio shows whether ether is outperforming or underperforming bitcoin.
| What the quote means | US dollars per ether |
|---|---|
| Launched | July 2015 |
| Consensus | Proof of stake since September 2022 |
| Supply cap | None; net issuance depends on network use |
| Typical daily move | Often larger than bitcoin’s |
| Contract size, 1.00 lot | Shown in the symbol specification in MetaTrader 5 |
| Symbol at Marketsall | ETHUSD |
Ethereum vs Bitcoin: the differences that matter
| Feature | Ethereum (ETH) | Bitcoin (BTC) |
|---|---|---|
| Main purpose | Platform for applications and smart contracts | Digital store of value and payments |
| Supply | No fixed cap; some fees burned | Capped at 21 million |
| How new coins are issued | To stakers who validate transactions | To miners, halving every four years |
| Launched | 2015 | 2009 |
| US spot ETFs | Since July 2024 | Since January 2024 |
| Typical volatility | Higher | High |
| Market value rank | Second largest cryptocurrency | Largest cryptocurrency |
| Read more | This guide | Bitcoin CFD guide |
What was the Merge?
Until September 2022 Ethereum, like bitcoin, relied on energy-intensive mining to secure the network. The Merge replaced mining with proof of stake: holders lock up ether as a deposit and are chosen to validate transactions, earning rewards. Ethereum’s energy use fell by more than 99%. For traders the relevant change is to supply. Issuance fell sharply, and because part of every transaction fee is burned, ether’s supply can shrink when the network is busy.
A CFD does not earn staking rewards. Someone who holds ether directly can stake it for a yield; a CFD holder instead pays or receives overnight financing. That difference is part of the comparison in crypto CFDs vs buying crypto.
What moves the ether price?
| Driver | How it tends to work | What to watch |
|---|---|---|
| The whole crypto market | Ether usually follows bitcoin’s direction, with larger moves. | Bitcoin CFD guide |
| Network activity | Busy use of stablecoins, trading apps and tokens raises fees and burns more ether. | Transaction fees, total value locked in applications |
| ETF and institutional flows | Spot ETF flows add a visible source of demand or selling. | Published ETF flow data |
| Upgrades and competition | Network upgrades can change costs and supply; rival platforms compete for users. | Upgrade schedules, competing chains |
| Liquidity and risk appetite | Like bitcoin and technology shares, ether tends to rise when money is easy. | FOMC meetings, risk-on vs risk-off |
The ETH/BTC ratio
Dividing the ether price by the bitcoin price gives the ETH/BTC ratio: how many bitcoin one ether is worth. A rising ratio means ether is outperforming; a falling ratio means bitcoin is. Traders use it the way metals traders use the gold-silver ratio (see the silver vs gold guide). In broad sell-offs the ratio has usually fallen, because ether tends to drop further than bitcoin.
| If you hold… | You are mainly exposed to |
|---|---|
| Long BTC and long ETH | The crypto market as a whole, with larger size than it may seem |
| Long ETH only | The crypto market, plus Ethereum-specific factors, with higher volatility |
| Long ETH, short BTC | Ether’s performance relative to bitcoin; both legs carry risk |
Because the two are strongly correlated, positions in both are mostly one position. See correlated positions.
What it costs to trade Ethereum as a CFD
An Ethereum CFD tracks the price of ether in dollars; no coins are owned and no staking rewards are received. See what a CFD is and crypto CFDs vs buying crypto.
| Cost | When it applies | Note for Ethereum |
|---|---|---|
| Spread | Every trade, at entry | Wider than on major currency pairs, in percentage terms |
| Commission | Depends on instrument and account type | Shown in the symbol specification in MetaTrader 5 |
| Swap / overnight financing | Positions held past the daily rollover | Crypto CFDs usually carry a higher overnight financing rate than currencies, and it may be charged for weekend days. |
| Slippage | Fast markets, gaps, news | Common in fast moves and at weekends when liquidity is thin |
Key risks
Higher volatility than bitcoin. Daily moves are often larger.
Technical and regulatory risk. Upgrades, application failures and rule changes can hit the price.
Weekend gaps. The underlying trades every day. See gap risk.
Leverage. See how leverage increases trading risk.
Risk warning. Trading CFDs carries a high level of risk since leverage can work both to your advantage and disadvantage. As a result, the products offered on this website may not be suitable for all investors because of the risk of losing all of your invested capital. You should never invest money that you cannot afford to lose, and never trade with borrowed money.
How to trade Ethereum at Marketsall
Ethereum is listed as ETHUSD on MetaTrader 5 and Web Trader. Read the symbol specification for contract size, margin and swap rates before a first trade; how to read contract specifications on MT5 shows where they are. Practise on a demo account first, keeping in mind the differences covered in demo vs live accounts, and set the position size before opening the ticket with position sizing.
Frequently asked questions
What is the difference between Ethereum and Bitcoin?
Bitcoin is designed as a scarce digital store of value with a fixed supply of 21 million. Ethereum is a platform for running applications, and its currency, ether, pays for using it. Ether has no fixed supply cap and has used proof of stake instead of mining since September 2022.
What does ETHUSD mean?
ETHUSD is the price of one ether, the currency of the Ethereum network, in US dollars. ETH is the common ticker for ether and USD is the US dollar.
Why is ether more volatile than bitcoin?
Ether’s market is smaller than bitcoin’s and its value depends on the success of the applications built on Ethereum, which adds uncertainty. It also tends to attract more speculative trading, so its moves are usually larger in both directions.
What was the Ethereum Merge?
The Merge, completed in September 2022, switched Ethereum from mining to proof of stake, where holders lock up ether to validate transactions. It cut the network’s energy use by more than 99% and sharply reduced the issuance of new ether.
Do Ethereum CFDs pay staking rewards?
No. Staking rewards go to people who hold ether and lock it up on the network. A CFD only tracks the price; instead of staking income, the holder pays or receives overnight financing set by the provider.
Related reading
Check ETHUSD's weekend financing
ETHUSD positions held from Friday to Monday are worth costing first: where to find swap rates on MT5 shows how to read the long and short values. How macroeconomic conditions affect crypto adds the liquidity backdrop that moves ether and bitcoin together.
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