The Ethereum ecosystem has been significantly active since early June, with the number of weekly active addresses reaching 17.4 million, a record high. Layer 2 interaction volume has surged by 18.43%, indicating widespread adoption of scaling networks. Although cross-chain activity has slightly declined, the increase in core Ethereum usage reflects a resurgence of interest from retail and institutional investors. The total value locked (TVL) in DeFi has reached $86.63 billion, indicating a continuous inflow of capital into Ethereum DeFi protocols, enhancing on-chain demand. The net outflow from major exchanges for Ethereum is 1.59%, showing that users tend to self-custody or stake, reducing selling pressure and potentially triggering supply tightening. Volatility has decreased from 80.25% to 47.3%, with Binance's long-short ratio at 1.84, and 64.82% of traders holding long positions, indicating a bullish market but with risks of overcrowding. On the technical side, Ethereum has formed an inverted head and shoulders pattern, with a key resistance level at $2,824; breaking this level could push the price towards $3,000. Overall, all indicators lean bullish, but whether the price can break through the $2,824 level is crucial for the next phase of the trend.

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