What has caused the price difference?

From the analysis below, it might due to the price fluctuation of Ethereum token. The chart below showing the hourly price change percentage for Ethereum token and the price difference percentage for stETH and ETH token.

• We able to see that when Ethereum token experiencing a sudden surge/downfall the price different between stETH and ETH will suffered from higher percentage of price difference.

• Take an example on 16th May 2022 2000 UTC, when the Ethereum hourly price change hit up to 44%, the price difference percentage for stETH and ETH hit all time high -- 8%.

• It does not matter which way Ethereum price token goes, either up or down. As long as there is a huge fluctuation, then the price difference scenario can be seen between stETH and ETH.

stETH & ETH price difference (in percentage)

• In whole, the price difference between stETH and ETH is not large.

• The price difference range between 7% to -10.36%

• Evaluate in single-sided it would be **10.36%*8 maximum.

• Most of the days still having less than 1% price difference.

stETH & ETH token price over time

The chart below showing the token price for both stETH and ETH over the time. As following to the theory, stETH should have 1:1 price with ETH. They should worth the same value.

Observation

• In general, the token price for stETH and ETH does not deviate a lot. No notable price difference between stETH and ETH token price over the time.

Summary

• Overall stETH and ETH price still highly intact. Over the history there is only a price difference around 10% maximum and the price gap is quickly back to intact.

• Mostly the price difference is due to the fluctuation of the Ethereum token itself.