Ethereum (ETH) has started to gain upward momentum again this week, aligning with the broader crypto market’s recovery. However, the asset still faces resistance below the critical $2,879 level, unable to lead the much-hyped “altseason” — at least for now.
Ethereum Network Activity Surges
Despite ETH’s sluggish price action, on-chain metrics are sending a more bullish signal. On June 25, the Ethereum network recorded 1,750,940 confirmed transactions — its third-highest daily total ever. This marks a significant reversal from a months-long decline in network activity and reflects robust usage across DeFi, DApps, smart contracts, and ETH transfers.
This level of activity hasn’t been seen since January 14, 2024, when Ethereum hit its all-time high of over 1.96 million transactions in a single day. The recent spike in activity suggests growing user engagement and renewed confidence in the Ethereum ecosystem, despite ETH’s price staying between $2,111 and $2,879 over the past month.
Strength Below the Surface
The divergence between weak price performance and rising on-chain activity could signal accumulation, particularly among DeFi protocols and trading bots recalibrating in real time. Additionally, Layer 2 networks like Arbitrum and Optimism continue to see rising transaction volumes, reinforcing Ethereum’s foundational role in the broader crypto space.
According to CryptoQuant, this uptick in usage points to more than just short-term volatility. The platform noted that these trends suggest a structural recovery, highlighting Ethereum’s resilience and long-term value.
Whale Accumulation Adds Bullish Fuel
Perhaps the strongest signal comes from whale activity. High-net-worth investors are continuing to accumulate ETH aggressively, steadily reducing supply on exchanges. One notable transaction saw a whale purchase $8.91 million worth of ETH via Galaxy Digital, adding to the $422 million in Ethereum bought over the past month.
This wave of whale buying reflects growing confidence in Ethereum’s long-term valuation — even as broader market sentiment remains mixed.
