Ethereum's daily trading volume surged to approximately 1.875 million transactions, a historic high.

Prices are approaching previous highs, and on-chain activity is strengthening simultaneously, which is a typical bull market structure.

Chain fees have not spiraled out of control, indicating that L2 and packers are providing support.

If this wave of volume continues, the 'second-tier tracks' of NFT and DeFi are highly likely to follow suit and see a rebound.