Explore how Ethereum price bounces back after a massive dip
In the constantly changing cryptocurrency market, Ethereum price has recovered remarkably after hitting a record low. This stability demonstrates how resilient Ethereum is in the face of market turbulence. The abrupt decline surprised both investors and cryptocurrency enthusiasts, but the quick rebound has given investors and enthusiasts new hope for Ethereum’s future.
Current Price
Ethereum’s current value is US$3,109.60, up 1.27% over 24 hours. The market capitalization is US$373.09 billion, and the trading volume is US$20.71 billion. Since the total supply of Ethereum is equal to the circulating supply, which is equal to US$120.07 million, all the Ethereum that is mined is currently in use.
Degen L3 Leads Ethereum in the TPS Race
Degen Chain, Ethereum’s Layer 3 network, achieved the highest number of transactions per second (TPS) in the Ethereum ecosystem in the past 24 hours, up 62% to 35.7 TPS. Despite processing 3.08 million transactions per day, its volume was only 819,600, with an average transaction value of US$0.27. Critics argue that the TPS is a flawed metric because it needs to take into account the computed size of each transaction. Degen (DEGEN) tokens power the Degen Chain, which began as a tipping token for Farcaster, a distributed social media platform. The DEGEN token has a market capitalization of US$326 million.
Liquid ReStake Spurs US$100B DeFi TVL
TVL for Decentralized Finance (DeFi) nearly doubled in Q1 2024 compared to Q1 2021, partly due to Ethereum liquidity restocking efforts, according to new research. The total value locked for DeFi increased from US$36 billion in the fourth quarter of 2023 to nearly US$97 billion last week, DefiLama reported. The Messari figures for Q1 2024 are more promising than those released on Nov. 18, when it revealed a 65.6% rise in TVL to US$101 billion. The management of the company explained the pattern as the result of rising market assets and replenishing cash.
Price Analysis
The Ethereum price analysis. At the current stage, the support level is US$2900.4, and the resistance level is US$3,152.4. Currently, the 20-day SMA of the token is at US$3026.4; thus, the price momentum is moderate. The Moving Average Convergence Divergence (MACD) has a bullish tendency, which could be a possible cause of any upward price changes. Moreover, the RSI is 60.09, exceeding the neutral point; thus, the buying pressure seems to be mounting.
Price Prediction
Ethereum price prediction, according to Cryptonewsz, will reach a high of US$6,964 in 2025, whereas CoinCodex forecasts a low of US$3,072. And a high of 6,639,62 for the same year. According to CoinDataFlow, ETH’s price is expected to grow exponentially, reaching a peak of US$25,006 under the best-case scenario. On the other hand, Bitcompare predicts that ETH’s price will be US$12,290 by 2030, depending on a number of factors, such as the growth of the DeFi and Non-Fungible (NFT) markets, the transition to Proof-of-Stake, and the competition with Bitcoin.
Conclusion
In summary, Ethereum displays its strength through a recovery period right after falling sharply. This upturn also shows the volatility of the crypto market and Ethereum’s penchant for reaching new growth and huge market share. This is obviously a warning to investors to keep up with volatility and be prepared to face it when it occurs in this volatile market.
