Ethereum ETH

ETH has moved +3.62% in the last day, -19.94% over the week, and -29.65% over the past month. The all-time high of $4,946 was set 286 days ago, leaving ETH at 32.7% of that peak. Reclaiming the record would require a 206% advance from here. With both the weekly and monthly trends negative, the path of least resistance remains lower for now.

Volatility & risk

Realised volatility for ETH is currently elevated, with a 7-day annualised reading near 85%. That is roughly middle-of-the-pack for a large-cap crypto asset. Traders should expect double-digit percentage swings within a single week to be normal rather than exceptional.

Liquidity & trading depth

Over the last 24 hours roughly $15.44B changed hands, equal to about 7.9% of the circulating market value turning over in a day. That is healthy turnover — orders can generally be filled with limited slippage and the market is actively traded. Liquidity health scores 75/100 on our composite, which blends 24-hour volume against market capitalisation.

Correlation with Bitcoin & markets

Over the past week, ETH's hourly returns show a correlation of 0.87 with Bitcoin. That is a tight link — ETH has effectively traded as a high-beta Bitcoin proxy, offering little diversification when BTC sells off. Correlation regimes shift, so this figure is a snapshot rather than a constant.

On-chain value & TVL

The DeFi ecosystem built on or powered by Ethereum currently secures roughly $36.27B in total value locked (TVL) — the dollar value of assets deposited in its protocols. Against a market capitalisation of $194.83B, that gives a market-cap-to-TVL ratio of 5.37. A high ratio means the market values ETH well above the capital currently locked in its ecosystem — pricing in future growth that on-chain activity has yet to deliver. TVL is a useful gauge of real economic usage, but it rises and falls with token prices, so read it alongside the trend in deposits rather than the dollar figure alone.

Our outlook blends three independent lenses. The technical model reads momentum as bearish and frames a near-term band of $1,389 to $1,744. The statistical model, driven by realised volatility, centres near $1,471 with a one-horizon spread of $383.88 to $3,120. The relative model, anchored to how comparable top-100 assets have performed (median -15.81% over the past week), points to $1,358 to $1,649. Blending the three yields the horizon-by-horizon ensemble in the table below. Model confidence is High, reflecting data completeness and liquidity. These are probabilistic scenarios generated from market data — not guarantees, and not financial advice.

Ethereum has a circulating supply of 120,684,518 ETH. There is no fixed hard cap; total supply currently stands near 120,684,518 tokens. Without a ceiling, long-run scarcity depends on the protocol's issuance and any burn mechanics. Fully diluted valuation and circulating market cap can diverge sharply when a large share of tokens is still locked, so both are worth comparing before drawing conclusions about value.

Ethereum (ETH) is the 2nd-ranked cryptocurrency tracked on TBN Express, with live pricing, derived risk metrics and a multi-model outlook refreshed throughout the day. The profile below combines project information with our own quantitative read of how ETH is trading right now.

Ethereum is a global, open-source platform for decentralized applications. In other words, it is a decentralized blockchain platform that enables developers to build and deploy smart contracts and applications without central authority control. Unlike Bitcoin, which primarily functions as digital currency, Ethereum operates as a programmable global computer where developers can create any type of decentralized service.

The platform hosts over $14 billion in DeFi applications with hundreds of thousands of active users across financial protocols, NFT marketplaces, and gaming platforms. Its transition to Proof of Stake in September 2022 reduced energy consumption by over 99%, addressing environmental concerns while strengthening network security.

The network operates through thousands of independent validator nodes that process transactions and execute smart contracts on the Ethereum Virtual Machine. Smart contracts are self-executing programs written in Solidity that automatically carry out agreements when conditions are met, eliminating intermediaries like banks or brokers.

Validators stake ETH as collateral to propose and validate blocks, earning rewards for honest participation while facing penalties for malicious behavior. The EIP-1559 upgrade introduced a dynamic base fee mechanism that burns ETH with each transaction, creating deflationary pressure during high network activity when more ETH is burned than issued to validators.

Vitalik Buterin proposed Ethereum in 2013, but seven co-founders helped build it, including Gavin Wood who created Solidity and the EVM technical specification, and Joseph Lubin who founded ConsenSys. The project launched in July 2015 after raising over $18 million through crowdfunding, quickly becoming the largest blockchain developer community. Major milestones include the 2020 Beacon Chain launch, the 2021 London hard fork implementing fee burning, and the 2022 Merge to Proof of Stake.

Ether (ETH) serves multiple functions: paying transaction fees (gas), staking to secure the network and earn 3-5% annual yields, serving as collateral in DeFi protocols, and purchasing NFTs and digital assets. The asset is increasingly adopted by traditional institutions, with publicly traded companies adding ETH to corporate treasuries to generate staking yields while maintaining blockchain exposure, and in 2024, the SEC approved spot Ethereum ETFs, allowing traditional investors to gain exposure through conventional brokerage accounts.

Ethereum's roadmap focuses on dramatically increasing transaction capacity to over 100,000 per second, reducing confirmation times, and enhancing decentralization while maintaining security against future threats like quantum computing.

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