The price of Ethereum (ETH) has just surpassed the 3,100 USD mark, increasing nearly 2% in one day.

ETH is currently trading steadily around 3,100 USD, marking a positive growth trend in the recent cryptocurrency market.

MAIN CONTENT

  • Ethereum surpasses the 3,100 USD mark in the latest trading session.

  • ETH price increased by 1.98% in 24 hours, reflecting market recovery.

  • Price fluctuations are positively influenced by on-chain factors and ETH whale activities.

How did Ethereum achieve the 3,100 USD price?

According to data from the cryptocurrency market and the update report on July 16, Ethereum recorded a price of 3,100 USD, an increase of 1.98% compared to the previous trading session. This information has been confirmed by live trading data on major exchanges.

ETH reaching this milestone indicates positive signs in investment trends and trader confidence in the Ethereum network organization, influenced by the support of ETH whales through surge purchases.

What factors have driven the recent price increase of Ethereum?

Analysts from Chain Analytics state that factors such as DeFi expansion, upgrading Smart Contract versions, and the active involvement of the Ethereum whale community have significantly contributed to ETH's price momentum.

"The increase in liquidity and the rising holdings of large wallets are indicators of stability and the long-term outlook for the Ethereum network."
Anna Lee, Director of Blockchain Analysis, Chain Analytics, July 2024

In addition, positive developments in the Altcoin market and network upgrade events for Ethereum have also increased demand for ETH, thereby pushing the price higher.

What is the impact of Ethereum surpassing the 3,100 USD threshold on the cryptocurrency market?

According to a report from the Global Cryptocurrency Research Institute, ETH's 3,100 USD level not only reinforces its position as the second-largest coin in the world but also creates a positive spillover effect on Ethereum-based tokens, boosting the DeFi sector and related blockchain projects.

"Ethereum is the backbone of the cryptocurrency ecosystem. This price opens up great opportunities for investors in DeFi and NFT products.
David Tran, CEO Crypto Insights, July 15, 2024

These fluctuations also have a clear impact on both centralized and decentralized exchanges, helping to increase trading volume and market liquidity.

Compare Ethereum's price fluctuations with Bitcoin during the same period

Cryptocurrency Current Price (USD) 24h Growth Rate Main Influence Ethereum (ETH) 3,100 USD 1.98% Increased due to DeFi, ETH whales, and network upgrades Bitcoin (BTC) 29,400 USD 0.75% Stability, impacted by major investment organizations and the upcoming halving

Frequently Asked Questions

Can Ethereum maintain a price above 3,100 USD in the long term? With on-chain indicators and support from the whale community along with technical upgrades, the likelihood of maintenance is optimistic according to market experts. What factors cause the most significant price fluctuations for Ethereum? Whale activity, protocol updates, and liquidity levels on exchanges are the most crucial factors. How does Ethereum's price increase affect DeFi projects? The increase in ETH price boosts the capitalization and liquidity for DeFi projects developed on the Ethereum platform. Does Ethereum's price fluctuate similarly to Bitcoin? Not entirely; ETH is more affected by technical events and the DeFi community, while BTC relates to many macro factors. What role do whale investors play in ETH price volatility? Whales often create significant fluctuations due to large transactions, affecting supply and demand and market sentiment.

Source: https://tintucbitcoin.com/ethereum-tang-len-tren-3-100-usd/

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