Ethereum price rises with market recovery

Ethereum (CRYPTO:ETH) is showing a strong upward movement, currently priced at $3,422 and edging closer to the $4,000 mark.

This recovery follows an 11% dip over the past three days, signaling renewed market momentum.

One key driver of Ethereum’s price increase is Bitcoin’s (CRYPTO:BTC) surge to a record $98,266, which has spurred broader market enthusiasm.

Ethereum’s continuous technological updates and network improvements are attracting more traders and investors.

Since the start of the year, Ethereum has seen a 33% price rise, though Bitcoin’s recent pullback has slightly tempered this growth.

Together, Bitcoin and Ethereum dominate the cryptocurrency market, comprising 83% of its total value.

Ethereum’s smart contract technology has distinguished it from other cryptocurrencies since its launch in 2015.

The Cancun update, introduced in March 2024, enhanced the network’s scalability, security, and usability.

Vitalik Buterin, Ethereum’s co-founder, highlighted that Proof-of-Stake is more decentralised compared to the older Proof-of-Work system.

The London hard fork marked Ethereum’s transition from Proof-of-Work to Proof-of-Stake, slashing energy usage, bolstering security, and cutting transaction costs.

Ethereum’s daily trading volume remains robust, with Binance leading the activity by contributing 40% through futures trading.

Exchanges like OKX, Bitget, and ByBit also play a substantial role in Ethereum’s trading ecosystem.

Traders are gaining confidence thanks to Ethereum’s technological advancements and its shift to a more efficient Proof-of-Stake system.

As market dynamics and innovations unfold, Ethereum’s performance remains a key focus for investors and analysts.

At the time of reporting, Ethereum price was $3,422.35.