Ethereum’s network activity has exploded, hitting levels last seen during the 2021 bull market. Daily transaction counts have already skyrocketed to over 1.45 million transactions per day. All in the context of an overall stable price environment, holding steady around $2,450 and $2,700. This balance is the result of solid underlying demand fundamentals along with skittish buyer market psychology.
Ethereum’s recent spike in daily transactions represents a new high in network usage. Though not typical, the daily transaction count is climbing back up — recently topping 1.35 million, later reaching a peak of 1.45 million. Since the end of 2022, daily transactions have never dipped below 700k, demonstrating the continued strength of activity on the network.
Ethereum price has been stuck between $2,450 and $2,700, creating a clear cut consolidation range. The $2,450-$2,500 zone acts as the primary pivot in the market. As the 50 day moving average has served as support and resistance in recent months. This range represents an equilibrium between demand and supply pressures.
Merlijn The Trader, a popular market analyst, recently called Ethereum’s stable transaction volume as one of the most important indicators of its underlying strength. Keeping transaction volumes consistently at or above 1.5 million daily will be crucial to keeping confidence high in Ethereum’s bullish long-term growth prospects. Together, these combined metrics will certainly shape Ethereum’s market trajectory over the next months.
Traders and investors will want to watch the $2,700 resistance level closely as it may be a tipping point for Ethereum price. A high-volume close above this resistance barrier would likely open the path for a test of the $2,900 level, indicating further bullish continuation. On the flip side, if we don’t break this level then further consolidation in the range could be in store.
