ETH/SEK

ETH/SEK

Trading ETH to SEK

The Ether to SEK pair includes the popular crypto and Swedish krona, one of the top traded currencies in the world which is also considered to be undervalued.

The Ethereum to SEK rate may move in a stable manner throughout a day and sometimes move up to 5 per cent. In contrast, during a given month, the Ethereum to Swedish Krona is more volatile with some breakouts.

 

What is Ethereum?

Ethereum was introduced in 2015 by a Russian-Canadian programmer Vitaly “Vitalik” Buterin. It is an open-source platform that utilises blockchain technology to create and execute distributed applications (DApps). Users can create or join so-called “smart contracts” directly without third parties, limiting the possibility for fraud.

Ethereum is commonly used as a name of the associated cryptocurrency but in fact Ethereum is the system or network while Ether or ETH is the native currency. Users need to have Ether when they want to execute a certain transaction through the system.

 

Some interesting facts about the ETH

  • The Ethereum project was successfully crowdfunded in the middle of 2014 when it raised more than $18m (£14m).
  • At the end of 2015 Ethereum’s price was slightly below $1 (£0.80), by mid-January 2018, it reached its current peak of $1,432 (£1,132).
  • Unlike some other cryptocurrencies, there is no maximum supply cap for Ether.
  • Ether can be created through “mining” – users receive a reward when they complete a mathematical task and verify transactions.
  • The Ethereum Alliance (EEA) is an organisation developed to enhance the future usability of Ethereum.
  • Most of the ICO (Initial Coin Offerings) are hosted on the Ethereum blockchain.

 

What affects Ethereum’s value?

The factors can be divided into two groups – the ETH related and those affecting the general cryptocurrency market.

 

Ethereum specific factors are:

  • The demand for ETH, which is not driven solely by trading activities.
  • The acceptance of the Ethereum system by more established financial institutions.
  • The increased adoption of smart contracts hosted on the Ethereum platform and the inflow of new users will increase the demand for ETH.
  • The degree of mining profitability.
  • Improvements in the Ethereum system in the future.

 

General factors related to the crypto world:

  • Changes in regulatory laws and regulations regarding the legality and usage of cryptocurrencies.
  • Potential market manipulation by large participants or so-called crypto whales.
  • Speculative trading – on June 22, 2017, a multi-million dollar market sell order crashed the ETH price from above $300 (£240) down to $0.10 (£0.08) in a couple of seconds, although the price did bounce back within minutes.  One trader reportedly made more than $1m, thanks to an automatic buy order set at $0.10 through which he purchased over 3,000 ETH.
  • The number of crypto channels where ETH is available for trading also affect its value.
  • The number and strength of ETH competitors.

 

What is the Swedish krona (SEK)?

Swedish krona is among the top traded currencies in the world and it is the monetary unit of Sweden. The krona was introduced as an official currency in Sweden with the formation of the Scandinavian Monetary Union in 1873. It is issued by the Swedish Central Bank or Sveriges Riksbank which also has the responsibility to maintain the stability of the official currency.

 

Which factors affect SEK’s value?

Different factors can affect the value of SEK and the ETH to SEK exchange rate.  One is the country’s monetary policy which maintains some of the lowest interest rates (at times even negative interest rates). It is stated that the undervaluation of the Swedish krona comes from the monetary policy and, as an undervalued currency, it can offer profitable trades in the future if the policy changes. 

Furthermore, Sweden is characterised as a small and open economy where trade is a crucial component in the economic development and changes in international trade levels can impact the SEK value. Thus, watch events such as the US/China trade war because they may have an adverse effect on international trade.

Moreover, it should be noted that the SEK movement is correlated with the movement of the NOK (Norwegian krone) and Danish krone (DKK). Hence, traders should monitor the movement in these currencies as they could potentially provide an insight into the ETH/SEK movements.

 

Why trade ETH to SEK with Currency.com

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ETH/SEK price history

Date Close Change Change(%) Open High Low
Feb 3, 2023 17070.60 23.33 0.14% 17047.27 17149.98 16935.00
Feb 2, 2023 17047.27 132.44 0.78% 16914.83 17715.49 16892.52
Feb 1, 2023 16918.13 375.98 2.27% 16542.15 17016.62 16256.84
Jan 31, 2023 16542.15 261.00 1.60% 16281.15 16763.66 16245.82
Jan 30, 2023 16281.30 -653.48 -3.86% 16934.78 16969.72 16018.28
Jan 29, 2023 16934.65 62.33 0.37% 16872.32 17009.09 16841.30
Jan 27, 2023 16432.20 -9.12 -0.06% 16441.32 16695.31 15959.23
Jan 26, 2023 16441.29 33.23 0.20% 16408.06 16636.45 16268.44
Jan 25, 2023 16408.16 537.67 3.39% 15870.49 16705.38 15519.13
Jan 24, 2023 15870.46 -769.03 -4.62% 16639.49 16787.44 15667.44
Jan 23, 2023 16639.41 -77.19 -0.46% 16716.60 16859.16 16260.62
Jan 22, 2023 16717.60 46.66 0.28% 16670.94 16759.85 16591.73
Jan 20, 2023 16827.43 845.69 5.29% 15981.74 16932.67 15851.85
Jan 19, 2023 15981.58 377.61 2.42% 15603.97 16103.86 15563.07
Jan 18, 2023 15603.97 -711.75 -4.36% 16315.72 16565.34 15456.45
Jan 17, 2023 16315.72 -73.46 -0.45% 16389.18 16632.21 16082.13
Jan 16, 2023 16388.92 314.73 1.96% 16074.19 16663.90 15862.93
Jan 15, 2023 16071.93 27.02 0.17% 16044.91 16153.91 15950.97
Jan 13, 2023 15084.98 359.90 2.44% 14725.08 15164.80 14569.53
Jan 12, 2023 14724.72 201.92 1.39% 14522.80 14953.18 14354.13