- Ethereum secures $219B on-chain, driven by stablecoins and decentralized applications.
- Bullish sentiment rises, with ETH eyeing $3,000 despite mixed technical signals.
Ethereum [ETH] showed renewed momentum, trading at $2,604.49 at the time of writing after gaining 4.64% in the past 24 hours, according to CoinMarketCap.
The rise signals strengthening trust in the Ethereum network, now anchoring $219 billion in value across stablecoins, dApps, and tokenized assets.
As highlighted by blockchain analytics platform Messari, ETH’s expanding ecosystem continues to attract capital, reinforcing its position as the biggest altcoin.
Source: Messari/X
That being said, Ethereum continues to dominate the blockchain space in both capital allocation and application deployment.
Of the $219 billion secured on-chain, a significant portion stems from stablecoins, highlighting their foundational role in ETH’s ecosystem, according to data visualized by Messari.
Ethereum outperformed in these metrics
Beyond capital, Ethereum leads in decentralized applications, particularly in areas like NFTs, DeFi, and staking.
DeFiLlama data reveals that the network holds a Total Value Locked (TVL) of $61.10 billion, further cementing its leadership.
According to Artemis Analytics, Ethereum leads all blockchains in net capital flow across DeFi bridges. This highlights its strong liquidity and ecosystem trust.
Meanwhile, Ethereum’s price momentum has been reinforced by a shift in social sentiment, which has turned bullish, per CoinMarketCap.
Source: CoinMarketCap
Is the sentiment bullish or bearish?
Technical indicators such as the Relative Strength Index (RSI) reflect this positive outlook, remaining above the neutral threshold.
However, the MACD indicator still hints at lingering bearish pressure, suggesting the bulls haven’t fully taken over yet.
Source: Trading View
Despite this, traders remain optimistic, closely watching near-term resistance levels to safeguard against potential reversals.
Contributing to the optimism is the recent Pectra upgrade, which, while boosting confidence, has also drawn the attention of attackers exploiting the newly introduced EIP-7702 feature.
Nonetheless, with current momentum and market sentiment, Ethereum could be on track to challenge the $3,000 mark shortly.
