Ethereum

Token

DeFi

Liquid Staking Derivatives

USDC

<ul class="wp-block-list">
 <li>Ethereum surges 10%, trading above $2,850 with a strong market cap.</li>
 <li>DeFi rises 13.59%, while ETH/BTC gains 8.5%.</li>
</ul>
The global crypto market cap has climbed to $2.51 trillion, reflecting a 1.44% increase in the past day. Ethereum (ETH) has been a standout performer, surging over 10% in the last 24 hours and <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">breaking</a> above $2,850, marking a new three-month high. The overall trading volume in the crypto market has surged by 34.32% to reach $192.71 billion, with DeFi contributing $9.91 billion, or 5.14%, of this total.&nbsp;
Ethereum’s price is currently $2,849.39, with its market cap rising by 13.37% to reach $343.12 billion. The ETH/BTC pair has also increased, exceeding the 0.038 mark with an 8.5% gain in 24 hours. Ethereum’s trading volume surged to $39.89 billion, reflecting a 40.43% increase and highlighting buying interest. Ethereum’s <a href="https://thenewscrypto.com/goat-neiro-and-popcat-dominate-the-memecoin-market/" target="_blank" rel="noopener noreferrer nofollow">market</a> cap ratio is currently at 11.73%, underscoring strong trading activity relative to its market cap.
Ethereum’s rally is also supported by increased interest in decentralized finance (DeFi), which has seen a 13.59% rise. Specific sectors, like Liquid Staking Derivatives Finance (LSDFi) and Layered <a href="https://thenewscrypto.com/wazirx-plans-launching-recovery-token-to-compensate-creditors/" target="_blank" rel="noopener noreferrer nofollow">Token</a> Finance (LRTFi), surged by 22.71% and 15.26%, respectively, adding to the overall market momentum.
Ethereum spot ETFs have significantly driven this rally, with a total net inflow of $52.29 million. These ETFs allow institutional investors to gain exposure to Ethereum without directly holding the asset, boosting liquidity and supporting further price growth as interest in crypto ETFs expands.
<h3 class="wp-block-heading" id="h-will-whales-drive-an-eth-rally">Will Whales Drive an ETH Rally?</h3>
Whale activity has spiked as well, with two major ETH holders offloading a combined 33,701 ETH worth $89.72 million. An ICO whale, identified as “0xB8c,” transferred 25,000 ETH ($65.67 million) to Kraken at around $2,627, leaving a balance of 64,450 ETH.
Another whale, “0x0c1,” reappeared after 8.75 years, selling 8,701 ETH for $24.05 million USDC at $2,764, securing a profit of $30.48 million, a 689x return on investment. Additionally, a <a href="https://x.com/spotonchain/status/1854385832637194707" target="_blank" rel="noopener noreferrer nofollow">long-dormant</a> wallet containing 12,001 ETH was activated, likely aiming to capitalize on substantial gains from an initial purchase price of $8.58 per ETH.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="472" src="https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54-1024x472.png" alt="" class="wp-image-113028" srcset="https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54-1024x472.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54-300x138.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54-768x354.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54-1536x708.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/11/ETHUSDT_2024-11-07_10-57-54.png 1814w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Technical indicators <a href="https://www.tradingview.com/chart/xTeB2FRP/?symbol=CRYPTO%3AETHUSD" target="_blank" rel="noopener noreferrer nofollow">suggest </a>a strong uptrend. The Relative Strength Index (RSI) is at 83.06, indicating overbought conditions. The moving averages signal bullish momentum, with a recent crossover as the 9-day MA rose above the 21-day MA. Key support lies around $2,663, while resistance is near $2,900. A break above this level could push ETH to the $3,000 mark, backed by sustained buying pressure and institutional inflows.

Ethereum (ETH) Price Surges 10% to Three-Month High

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