Ethereum reaches $3,087 amid market momentum

Ethereum (CRYPTO:ETH) has surged past the $3,000 mark for the first time since late July, driven by market momentum following Bitcoin’s (CRYPTO:BTC) recent record high.

On November 8, ETH rose to an intraday high of $3,062 and hovered at $3,044 by 1:30 p.m. ET on Bitstamp.

By Saturday afternoon, the cryptocurrency climbed further to $3,087, marking a 3.96% increase against the U.S. dollar over the past 24 hours.

Over the last week, ETH has seen a 21.7% gain, while its two-week performance shows a 22.7% increase.

Year-to-date, ether has appreciated by 32%, with its current market cap exceeding $364 billion, accounting for 14% of the global $2.58 trillion crypto market.

ETH’s main trading pairs include USDT, USD, FDUSD, USDC, BTC, and KRW.

The recent price movement has also given ETH a 10% advantage over BTC for the week.

However, since January, ETH has declined by more than 26% relative to Bitcoin, indicating a competitive shift within the industry.

The renewed upward trajectory in price hints at potential resilience as ETH continues to track broader market trends.

Ethereum’s recent rise mirrors the performance of other cryptocurrencies like Solana (CRYPTO:SOL), Cardano (CRYPTO:ADA), Toncoin (CRYPTO:TON), and Avalanche (CRYPTO:AVAX).

Despite the recent gains and positive sentiment, ETH’s future path remains under scrutiny as it seeks to maintain stability at the $3,000 level.

Holding this level may be key for reinforcing investor confidence and signaling a more sustained recovery.

As the market evolves, Ethereum's ability to navigate competition from other layer-one and layer-two blockchain solutions will be closely monitored.

At the time of writing, the Ethereum price was $3,200.58.