Hydrodynamic equations for a one-component plasma are derived as a unification of the Euler equations with long-range Coulomb interaction. By using a variational principle, these equations self-consistently unify thermodynamics, dispersion laws, nonlinear motion, and conservation laws. In the moderate and strong coupling limits, it is argued that these equations work down to the length scale of the interparticle spacing. The use of a variational principle also ensures that closure is achieved self-consistently. Hydrodynamic equations are evaluated in both the Eulerian frame, where the fluid variables depend on the position in the laboratory, and the Lagrangian frame, where they depend on the position in some reference state, such as the initial position. Each frame has its advantages and our final theory combines elements of both. The properties of longitudinal and transverse dispersion laws are calculated for the hydrodynamic equations. A simple step function approximation for the pair distribution function enables simple calculations that reveal the structure of the equations of motion. The obtained dispersion laws are compared to molecular dynamics simulations and the theory of quasilocalized charge approximation. The action, which gives excellent agreement for both longitudinal and transverse dispersion laws for a wide range of coupling strengths, is elucidated. Agreement with numerical experiments shows that such a hydrodynamic approach can be used to accurately describe a one-component plasma at very small length scales comparable to the average interparticle spacing. The validity of this approach suggests considering nonlinear flows and other systems with long-range interactions in the future.