ETH holds $3.6K as Ethereum daily transactions near all-time high
Ethereum was trading at $3,658 at press time, posting a 2.2% gain over the last 24 hours as on-chain metrics show a surge in transaction activity.
- Ethereum is trading at $3,658, up 2.2% on the day but down 4.7% over the week.
- Daily Ethereum transactions hit 1.87M on Aug. 6, nearing record highs.
- Technical indicators show neutral momentum, with price consolidating between $3,450 and $3,920.
The price remains 30% higher than it was a month ago, even though it has slipped 4.7% over the past week. As buyers and sellers balance out, the current weekly range of $3,380 to $3,874 represents a period of sideways movement.
Meanwhile, there are indications that market activity is slowing down. Daily trading volume has dropped 15.6% to $22.2 billion, while derivatives volume is down more than 20% to $77.2 billion, according to Coinglass data . A slight decline in open interest indicates that there are fewer active positions in the market.
Network activity climbs as stablecoin demand returns
Ethereum’s ( ETH ) network usage is increasing sharply. Daily transactions rose to 1.87 million on Aug. 6, based on Etherscan data , nearing the all-time high of 1.96 million recorded in Jan. 2024. The uptick marks a reversal from the trend seen last year, when Ethereum lost ground to faster, cheaper chains like Solana ( SOL ).
Stablecoin activity, mainly Tether ( USDT ) and USD Coin ( USDC ), is driving a large portion of the transaction growth amid rising optimism regarding the U.S. legislative environment. On-chain usage has increased and market confidence is being restored thanks to the recently passed GENIUS Act, which clarifies regulations for dollar-backed stablecoins.
In parallel, demand from institutional investors continues to grow. As reported by Nate Geraci, president of NovaDius Wealth, both ETH-treasury-holding companies and U.S. spot ETH ETFs have accumulated 1.6% of the total ETH supply each since early June, for a combined 3.2% share.
Strategic ETH Reserve data shows that 64 companies now hold 3.03 million ETH, valued at around $11.8B. U.S. spot ETH ETFs net assets, on the other hand, have reached $20.61 billion.
Ethereum technical analysis
Ethereum is showing neutral momentum. The price is hovering just under the 20-day simple moving average at $3,685. The relative strength index is at 58, neither overbought nor oversold. Most oscillators, including the Stochastic, commodity channel index, and MACD, point to a balanced setup.
Moving averages remain supportive. ETH is trading above its 10-day through 200-day exponential and simple moving averages. The awesome oscillator and momentum both exhibit some strength, but not enough to support a clear trend in either direction.
The price may move toward $3,920 if it breaks above $3,685. Support at $3,450 is still crucial on the downside. For now, ETH appears to be consolidating while underlying demand continues to grow.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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