Rise of Ethereum: On-chain activity signals a potential upcoming break
Massive on-chain activity is altering the market outlook for Ethereum, suggesting significant price movements ahead. Altcoin trading volumes have sharply declined, dropping from 1.57 quadrillion at the end of 2024 to 387 trillion in May 2025. Ethereum's activity has remained stable, allowing its market share to increase on Binance. This rise is not due to new demand but rather to investors abandoning smaller projects in favor of the stability of ETH.
Despite recent price drops, Ethereum whales are showing confidence by buying the dip. On June 22, one of the major wallets acquired 9,400 ETH worth 39 million dollars, bringing its total to 333 million dollars. Network engagement is also skyrocketing, with over 35 million ETH staked and 500,000 additions in June alone. This reinforces the idea that investors are preparing for a significant move.
DeFi and NFT usage continues to drive Ethereum's momentum, reaching a record 24.69 million monthly transactions. Additionally, the supply of ETH has tightened due to the burning of over 4.57 million ETH tokens via EIP-1559. With 849 million dollars injected into ETH ETFs – primarily by BlackRock – analysts believe Ethereum could soon reach 2,800 dollars. The long-term target could reach 8,000 dollars if conditions remain favorable.
