Ethereum, the second-largest cryptocurrency by market capitalization, has seen a sharp rise in price following strong market momentum. The live price of ETH stands at $2,412.09, representing a 24.2% increase over the past 24 hours.

The H1 ETHUSD chart indicates that the price formed a double bottom after finding support. Since then, it has moved upward with strong bullish momentum. As of writing, the price faced resistance near the 2500.0 level. Traders may wait for a period of consolidation or a corrective move, followed by a potential bullish signal, before considering further long positions.

Ethereum Weekly Gains Top 31 Percent

Its total trading volume during this period reached $478.92 million. Over the last seven days, Ethereum’s USD value has gained 31.31%. With a circulating supply of 120,731,250 ETH, Ethereum’s market capitalization is now $295.46 billion. The daily percentage change in market cap was not disclosed.

ETHUSD, H1 Chart, Source: TradingView
ETHUSD, H1 Chart, Source: TradingView

Ethereum Enables Smart Contracts and Dapps

Ethereum is a decentralized blockchain platform introduced in 2013 and launched in 2015 to enable programmable transactions through smart contracts and decentralized applications (dapps).

Its native cryptocurrency, Ether (ETH), is used to pay transaction fees, secure the network, and support various decentralized finance (DeFi) activities. Unlike Bitcoin, which is focused on value transfer, Ethereum is designed as a general-purpose blockchain that supports a broader range of digital tools and services.

Source: Finance Magnates