5 years and no panic: Ether surprises with stability

💰 Few people think about it, but the fact remains impressive: for the last five years ether has behaved almost like a stablecoin. And this is not an exaggeration — if you look at its price, it has stayed around $2,800 since 2021:

• 2021 – $2 800
• 2022 – $2 800
• 2024 – $2 800
• 2025 – $2 800

Yes, you heard that right! Despite all the hype, crashes, crypto winters, blockchain booms and “rockets to the Moon”, ETH stays at around $2,800. You could even joke: ether seems to have taken a vacation from volatility and is calmly enjoying its consistency.

However, since early November the price of ether has slightly decreased, but the Mayer Multiple indicator hinted at a potential recovery.

To understand why this is so interesting, let’s break down what ether is and what a stablecoin is.

What is ether (ETH)?

Ether (ETH) is a cryptocurrency that runs on the Ethereum blockchain.

But ether is not just digital money. It performs several key functions:

1. Fuel for smart contracts – every time you interact with an Ethereum application, the “gas” is paid in ETH. This can be token transfers, participating in DeFi, launching NFTs, or operating a decentralized application.
2. An investment asset – millions of people hold ETH as a long-term investment, expecting its value to grow or be used in new projects.
3. A base asset for DeFi and NFTs – Ethereum remains the largest platform for decentralized finance and NFTs, and most tokens and projects operate through ETH.

So ether is both a “currency” and a resource for the entire Ethereum ecosystem. Its value is determined not only by the market but also by how actively the network is used.

What is a stablecoin?

A stablecoin is a cryptocurrency pegged to a stable value, most often the US dollar or euro, to avoid volatility.
Examples: USDT, USDC, BUSD.
Their main purpose is to maintain a stable price, making them convenient for payments, transfers, and storing value without the risk of sharp fluctuations.

Why does ether behave like a stablecoin?

The fact that ETH has stayed at the same level for the last five years is astonishing given the huge market volatility:

• In 2021 the crypto market saw a strong surge, and Ethereum reached all-time highs above $4,800.
  
  
• In 2022 and 2023 the market experienced a crypto winter, collapses across top assets, crashes of projects like Terra/LUNA, yet ether still held around $2,800.
  
• In 2024 and 2025, despite declining retail investor interest, altcoin market swings, and macroeconomic influences, ETH has maintained its price near $2,800.

You could say that ether has effectively become a “quiet stablecoin” for long-term investors. Even when the whole market shakes and bitcoin flies up and down, ether holds its level, showing unique stability for a crypto asset.

Why is this happening?

1. Ether burns part of transaction fees – after the introduction of EIP-1559, part of the gas from each transaction is destroyed, reducing ETH supply and stabilizing its value.
2. Growth of the DeFi and NFT ecosystem – millions of users rely on Ethereum daily, creating consistent demand for ETH.
3. Large-scale institutional holdings – funds and companies hold ether long-term, reducing price fluctuations.
4. Transition to Proof-of-Stake (Ethereum 2.0) – lowers issuance of new coins, making ETH more scarce and predictable.

What does it mean for investors?

• In the crypto world, where everything jumps up and down without warning, ETH is a real island of stability.
• For those seeking a balance between technological potential and predictability, ether becomes an excellent long-term asset.
  
  
  
• Its stability doesn’t make it “dead” — on the contrary, it’s still heavily used for smart contracts, NFTs, DeFi and institutional operations.

One could make a simple analogy: if bitcoin is a wild primal horse dashing across the financial field, ether is a neat, reliable stallion participating in races but keeping a steady pace overall. )))

Conclusion

Ether has been acting almost like a stablecoin for the past five years — but with enormous functionality and technological potential.
In a world where most cryptocurrencies swing back and forth by hundreds of percent each year, this makes ETH a unique asset for observation and investment.