Ethereum (ETH) Breaks Back Over the $3,000 Level This Week

The world's second-largest cryptocurrency by market cap, ethereum (ETH), has broken back over the $3,000 level this week for the first time since late July.

The world’s second-largest cryptocurrency by market cap, ethereum (ETH), has broken back over the $3,000 level this week for the first time since late July.

After surging to a fresh all-time high on Nov. 8, BTC went on to cross the $3,000 mark for the first time. Gaining momentum from this rally, ETH hit an intraday high of $3,062 on Friday.

By Saturday at 12 p.m. ET, ETH struggled to maintain that level, briefly slipping below the $3K threshold. At 1:30 p.m. ET on Bitstamp, the price of ETH is $3,044.

This past week, ETH gained 21.7% against the U.S. dollar, with a two-week increase of 22.7%. Year-to-date, ether is up by 32%.

With 120,421,343 ether in circulation, ETH’s market cap stands just above $364 billion, representing 14% of the $2.58 trillion total market cap.

Top trading pairs for ETH today include USDT, USD, FDUSD, USDC, BTC, and KRW. This recent climb has given ETH a 10% edge over BTC, but since the year’s start in January, ETH has decreased over 26% relative to bitcoin.

This week’s price growth hints at ethereum’s potential resilience amid the market’s broader upward momentum. However, ETH’s 21.7% boost this week suggests revived investor interest, which could be crucial for maintaining this level.

As ETH tracks BTC closely, its performance may continue to mirror broader trends across digital assets. While ETH’s growth against the dollar reflects renewed optimism, its 26% decline versus BTC since January underscores a notable shift within the crypto industry.

This trend is mirrored among ethereum’s competitors, which include solana (SOL), cardano (ADA), toncoin (TON), and avalanche (AVAX). Over the past year, ETH has faced increasing pressure to regain its position against BTC and its layer-one (L1) and layer two (L2) peers. Although recent gains could signal a potential comeback, ethereum’s trajectory in the coming months may offer insight into its ability to solidify its standing in the market.

By 2:19 p.m. ET on Saturday, ethereum rose to the $3,087 per unit level catching a 3.96% rise against the greenback during the past day.