Ethereum Defies Gravity: ETH Holds Firm at $3.6K While Daily Transactions Approach Record Highs
Ethereum isn't just holding the line—it's flexing. As ETH stabilizes at $3.6K, its network buzzes with activity, pushing daily transactions toward uncharted territory.
Gas fees? Still a nightmare. But who cares when you're this busy?
Meanwhile, Wall Street still can't decide if crypto is 'digital gold' or a 'speculative bubble.' Slow clap for the experts.
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.
Wild stat…
Eth treasury companies & spot eth ETFs have *each* bought approx 1.6% of current total eth supply since beginning of June.
Look at this chart.
via @Yogita_Khatri5 pic.twitter.com/fh5lPUA6UO
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.
