Ethereum traded at $2,479 per unit, marking a 1.3% increase against the U.S. dollar over a 24-hour period. ETH maintained a market capitalization of $302 billion, securing its place as the second-largest digital asset and commanding roughly 10.8% dominance of the broader $2.7 trillion crypto economy.
Over the past month, ethereum recorded a 29.6% gain against bitcoin, though longer-term 12-month and year-to-date metrics show bitcoin maintaining a leading edge. During the weekend, ETH moved within a range of $2,445 to $2,483, supported by $6.74 billion in daily trading volume.
Technical indicators show ethereum trading above its near- and long-term simple moving averages and exponential moving averages on the daily chart. Support is established between $2,300 and $2,400, while resistance remains near the $2,500 to $2,600 range. Analysts note that a daily close in the $2,550 range could place the asset in a stronger technical position.
Oscillators reflect neutral to hesitant momentum, with the relative strength index at approximately 62.5, avoiding overbought territory. Meanwhile, the moving average convergence divergence stands at a negative 119.45, and daily momentum indicators reflect a reading of -28.25.
Liquidation data shows $7.13 million in leveraged ETH positions were wiped out over a 24-hour period, which included $5.29 million in short bets. Despite historical trends showing that September is often a challenging month for crypto markets, supporters and industry figures continue to voice bullish sentiment regarding ethereum's short-term trajectory.
