ETH surpasses 3350, what signals is the second-largest cryptocurrency by market cap sending?

According to the latest news, ETH has broken through the 3350 USDT threshold, with the current price at 3350.17 USDT. This is not an isolated price fluctuation but a continuation of the recent upward trend. Based on the data showing a 7.64% increase over 7 days and a 14.36% increase over 30 days, Ethereum is experiencing a clear upward cycle. As the second-largest cryptocurrency by market capitalization, ETH’s performance is worth paying attention to.

Quantitative Performance of Recent Rally

From this data, it can be seen that ETH’s rise is a layered process. The short-term (24 hours) increase is relatively moderate, but the medium-term (7 days) and long-term (30 days) increases have accelerated significantly. This indicates that recent buying activity has been relatively stable, without a rapid pullback after sharp surges.

Market Fundamentals Support

Market Position Steady

ETH remains in second place by market cap, with a market value of $40.395 billion, accounting for 12.36% of the entire cryptocurrency market. Although this share is less than Bitcoin’s, it still holds an absolute dominant position in the market. The stability of its market cap ranking indicates that investor confidence in Ethereum’s long-term prospects remains unchanged.

Trading Volume Performance

The 24-hour trading volume reached $3.128 billion, down 8.25% from the previous day, but still maintaining a high level in absolute terms. The slight decline in volume may reflect short-term profit-taking, which is a normal adjustment for a healthy upward trend.

Token Supply Stability

ETH currently has a circulating supply of 120,694,650 tokens, with an unlimited supply model. This means that ETH’s price performance mainly depends on market demand rather than scarcity constraints on the supply side.

Significance of the Breakthrough and Future Outlook

Breaking through the 3350 price level has multiple implications. First, it confirms the recent upward trend, indicating sufficient buying strength. Second, from the perspective of a 14.36% increase over 30 days, market demand for Ethereum continues to grow.

However, it is important to note that a single breakout does not mean the trend is fully established. Whether the price can continue upward depends critically on whether trading volume can keep pace. If volume continues to decline, upward momentum may weaken; conversely, if volume gradually increases, further upside is possible.

Summary

ETH breaking through 3350 USDT reflects a sustained upward trend rather than a short-term price spike. From multiple dimensions such as market cap ranking, market share, and recent gains, Ethereum’s current market performance is relatively stable. Its second-place market cap, exceeding $400 billion, and a 14.36% increase over 30 days all indicate growing investor demand. The key point to watch is whether this upward trend can be maintained with volume support.