Ethereum’s Network Is Heating Up While Price Stalls, Is a Breakout Coming?
Ethereum is trading at approximately $2,423, reflecting a 0.9% daily decrease and remaining over 50% below its all-time high of $4,878. The market shows a lack of catalysts for a sustained rally, leading to cautious trading behavior. However, on-chain metrics indicate increased network engagement, with confirmed transactions recently spiking to 1,750,940, the third-highest daily count in Ethereum's history. This surge may signal underlying usage strength, driven by arbitrage and interactions with Layer 2 networks like Arbitrum and Optimism. Despite price volatility within the $2,100–$2,880 range, increased network traffic suggests potential early-stage accumulation or renewed DeFi interest. Conversely, funding rates on Binance have shifted to positive, indicating growing leveraged long positions, which may lead to overextension and subsequent corrections. Additionally, over 177,000 ETH were deposited on Binance in three days, suggesting potential sell pressure from large holders.
