Ethereum recorded a modest 1.48% gain over the past 24 hours, reaching $3,085.61 as institutional investors increased their exposure and on-chain activity solidified the cryptocurrency’s recovery following a period of market volatility.
The blockchain’s native token saw its market capitalization climb to $372.41 billion, with daily trading volume reported at $17.88 billion. While this volume is nearly 50% below its 30-day average, indicating consolidation rather than widespread euphoria, the token has still posted a 12.44% weekly return.
Institutional demand emerged as a key driver, with reports from verified social media accounts highlighting BitMine’s acquisition of 70,000 ETH for $195 million. This purchase increased BitMine’s stake to 3% of Ethereum’s circulating supply, signaling growing confidence from major players.
The influx of institutional capital also provided a boost to related Layer-2 tokens, with SWETH and CBETH both recording gains of approximately 5.5% and 5.6% respectively.
On-chain metrics further underscored Ethereum’s resilience. Daily transactions on the network surpassed 1 million, representing a 10% increase from the previous month. This suggests rising adoption of decentralized finance (DeFi) applications built on Ethereum.
In the derivatives market, funding rates for ETH perpetual contracts remained positive at +0.01%, reflecting a generally bullish sentiment among long-term traders. Open interest in ETH futures also increased by 5% to $15 billion, indicating continued accumulation.
The recent price surge follows a broader cryptocurrency market rebound, with Ethereum demonstrating resilience during a previous crash. According to reports, ETH experienced only a 6.7% drop during mass liquidation events, outperforming many altcoins.
Despite the positive momentum, some analysts cautioned about potential bearish divergences on 4-hour charts if the token fails to decisively break past the $3,100 resistance level. This level, alongside $3,300, presents a significant technical barrier.
Support levels for Ethereum are identified at $3,000, considered a psychological threshold, and a stronger base at $2,900, which has served as a weekly minimum. The token is currently trading above its 7-day Simple Moving Average of $2,902.48, suggesting initial bullish momentum.
The Total Value Locked (TVL) in Ethereum’s DeFi ecosystem exceeds $100 billion, reaffirming its position as a foundational platform for decentralized applications. This TVL is five times greater than that of rivals like Solana.
Partnerships, such as BlackRock’s involvement through an ETH exchange-traded fund, are seen as adding further institutional legitimacy. However, the network’s long-term growth remains dependent on ongoing upgrades, including Dencun and future enhancements like Prague, aimed at improving scalability and reducing transaction fees.
No negative regulatory events were reported in the past 24 hours. The market continues to monitor network developments and broader macroeconomic factors, such as interest rate changes, which could influence crypto asset performance.