📉Price Silence, On-Chain Clamor: Is Ethereum's Silent Revival Happening?

On June 25, Ethereum's on-chain confirmed transaction volume reached 1.75 million, marking the third highest in history, only behind January 2024 and the peak of the 2021 bull market.

Many are still asking: "Why hasn't ETH gone up yet?"

But on-chain is already shouting: "I'm very lively!"

Let's look at a few key points:

🔍1. What does the explosion of on-chain transactions represent?

These 1.75 million transactions are not just water meter spins; they mainly include:

DEX arbitrage and liquidation: Frequently traded DeFi protocols are active again.

Contract calls and chain games/interactions: The number of DApp users has clearly rebounded.

Arbitrum/Optimism bridging: L2 is settling at high speed, with the ETH mainnet taking on more settlement responsibilities.

In other words, Ethereum is not unused; it feels more like a "construction site reboot," but housing prices haven't risen yet.

🔁2. Why hasn't the ETH price moved?

In the past 30 days, ETH has oscillated between $2,879 and $2,111, currently in the stage of "main force accumulation + long-short competition." The price hasn't risen, partly because the overall market style is BTC-dominated, and partly because it has given smart money ample time to layout sectors like L2, AI + DeFi, and modularization.

Thus, this is the "low price window" period for smart money.

💡3. If you are a "smart user," what can you pay attention to?

Focus on protocols where on-chain heat is refocusing: Uniswap, Eigenlayer, Blast, Friend.tech (user numbers are rebounding).

Pay attention to opportunities driven by L2 activity: Arbitrum, Base, Starknet are gradually emerging from obscurity.

Seek out undervalued ETH ecosystem assets: L2 native tokens, ETH staking-related projects.

Final summary:

"On-chain data is like a leaked earnings report, while price is always the last to know."

Are you ready?🧠🚀