Ethereum is once again in the spotlight. While the price of the second-largest cryptocurrency holds above $3,650, on-chain data reveals a surge in network activity and renewed investor interest.
🔸 Ethereum Gains, Yet Remains Under Pressure
At the time of writing, Ethereum is trading at $3,658, marking a 2.2% daily increase. While this is a solid gain, ETH remains down 4.7% over the past week. In recent days, the price has been fluctuating within a range of $3,380 to $3,874, indicating a phase of consolidation with no clear breakout.
Technical analysis shows neutral momentum – Ethereum is hovering just below its 20-day simple moving average, RSI sits at 58, and most indicators (including MACD and Stochastic) point to an evenly matched battle between bulls and bears.
🔸 Record Network Activity
While the price consolidates, Ethereum’s blockchain activity has surged. According to Etherscan, the daily number of transactions reached 1.87 million, just below the all-time high of 1.96 million recorded in January 2024. This marks a strong recovery from last year’s trend when Ethereum was losing ground to cheaper and faster alternatives like Solana.
The key driver of this renewed activity is the growing demand for stablecoins, particularly USDT and USDC, supported by positive regulatory developments in the U.S., especially the GENIUS Act, which provides a clear framework for dollar-backed stablecoins.
🔸 Institutions Hold Billions in ETH
Institutional interest in Ethereum is also on the rise. Since June, U.S. spot ETH ETFs and corporate treasuries have accumulated a total of 3.2% of the total ETH supply. Currently, 64 companies hold over 3 million ETH worth nearly $12 billion, while spot ETF net assets stand at $20.6 billion.
According to analysts, this signals long-term confidence in Ethereum, despite recent price volatility.
🔸 What to Watch Next?
If ETH manages to break above the $3,685 resistance, it could attempt a rally toward $3,920. On the flip side, the $3,450 level remains a strong support. For now, Ethereum stays in a sideways trend, where any major news or regulatory update could trigger significant movement.
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