Ethereum

Pacific

DeFi

Bitcoin

Billion

<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News.jpg" class="attachment-full size-full wp-post-image" alt="Ethereum News: Ethereum ICO Investor Initiates Massive Coinbase Dump As ETH Price Soars To $3200" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News.jpg 1920w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2024/02/Ethereum-ETH-News-150x84.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>With Bitcoin leading the broader market rally, Ethereum (ETH) too joined the party with an additional 5% gain on Monday. As of press time, the Ethereum price is up 4.34% trading at $3,230 and a market cap of $387 billion.</p> 
<h3 id="ethereum-layer-2-tvl-nears-30-billion-milestone">Ethereum Layer 2 TVL Nears $30 Billion Milestone</h3> 
<p>Ethereum’s Layer 2 (L2) ecosystem is experiencing a surge in Total Value Locked (TVL), nearing the significant milestone of $30 billion as cryptocurrency prices climb.</p> 
<p>Data from L2Beat reveals a notable uptick in Ethereum L2 TVL, which has surged by over 9% in the past week, reaching a new high of $29.42 billion. Of this total, Arbitrum constitutes the largest share at 45%, with a TVL of $13.26 billion. Other notable contributors include OP Mainnet with $7.57 billion, Manta Pacific with $1.89 billion, and StarkNet with $1.36 billion.</p> 
<p>The substantial growth in <a href="https://coingape.com/ethereum-dencun-upgrade-layer-2-defi-tokens-rally-begins-mantle-mnt-surges-20/" target="_blank" rel="noopener">Ethereum L2 TVL</a> underscores the increasing adoption and utilization of Layer 2 solutions, highlighting their importance in scaling Ethereum’s network and mitigating congestion and high gas fees. The recent rally in L2 DeFi tokens is due to the optimism surrounding the upcoming <a href="https://coingape.com/ethereum-dencun-upgrade-these-six-layer-2-platforms-to-benefit-the-most/" target="_blank" rel="noopener">Dencun upgrade</a> with the EIP-4844 proposal to help significantly reduce the gas fee.</p> 
<h3 id="ether-exchange-supply-at-just-11">Ether Exchange Supply At Just 11%</h3> 
<p>Despite the <a href="https://coingape.com/btc-price-shoots-to-57000-as-nine-bitcoin-etfs-set-new-records/" target="_blank" rel="noopener">spot Bitcoin ETFs</a> continuing to see massive inflows, some market researchers continue to lean towards Ether due to the anticipated advancements in the upcoming Dencun upgrade.</p> 
<p>Bernstein researchers Gautam Chhugani and Mahika Sapra highlighted the growth of Ethereum’s DeFi ecosystem and layer-2 networks as crucial factors strengthening ETH’s market resilience compared to Bitcoin.</p> 
<p>Bernstein also underscores the significance of the amount of ether being locked up, highlighting that ETH held on exchanges has reached a record low of 11%. This trend indicates a growing tendency to lock up more of the cryptocurrency.</p> 
<p>Meanwhile, Ether (ETH), ranked as the second-largest cryptocurrency globally, has exhibited a noteworthy 33% increase year-to-date, surpassing its larger counterpart, Bitcoin (BTC). This surge is attributed to various catalysts beyond the anticipated approval of a spot exchange-traded fund (ETF).</p> 
<h3 id="eth-price-action">ETH Price Action</h3> 
<p>ETH maintained its position comfortably above the 50-day and 200-day Exponential Moving Averages (EMAs), indicating bullish signals for its price trajectory.</p> 
<p>Should ETH surpass the Tuesday morning high of $3,276, it could pave the way for further upward momentum toward the $3,500 mark. Conversely, a drop in ETH below the critical support level of $3,200 could bring the $3,000 mark into focus.</p> 
<p>The 14-period Daily Relative Strength Index (RSI) registering at 81.79 signals ETH’s entry into overbought territory. Consequently, heightened selling pressure might emerge around the Tuesday morning high of $3,276.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-182729" src="https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action.png" alt="" width="1920" height="876" srcset="https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action.png 1920w, https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action-300x137.png 300w, https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action-1224x558.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action-768x350.png 768w, https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action-1536x701.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Ether-ETH-Price-Action-150x68.png 150w" sizes="(max-width: 1920px) 100vw, 1920px"></p> 
<p>The post <a href="https://coingape.com/ethereum-eth-price-up-5-as-layer-2-defi-tvl-hits-30-billion/">Ethereum (ETH) Price Up 5% As Layer-2 DeFi TVL Hits $30 Billion</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum (ETH) Price Up 5% As Layer-2 DeFi TVL Hits $30 Billion

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