Ethereum’s price rose 2.2% to $3,658, fueled by escalating network activity and robust stablecoin usage, with analysts noting potential for further gains if decisive resistance levels are breached.
Network metrics show Ethereum processed 1.87 million daily transactions, approaching its historic peak of 1.96 million. This heightened activity primarily stems from stablecoin transfers, particularly Tether (USDT) and USD Coin (USDC), buoyed by optimistic regulatory developments including the proposed GENIUS Act in the United States.
Institutional interest remains pronounced, as U.S. spot ETH ETFs and corporate treasury holders have accumulated 3.03 million ETH – equivalent to 3.2% of total supply – since early June. These holdings, valued at $11.8 billion, represent significant capital inflow into the ecosystem.
Technically, Ethereum faces critical levels at $3,920 resistance and $3,450 support, with an RSI reading of 58 signaling neutral momentum. The asset currently trades below its 20-day moving average at $3,685. A sustained breach above this barrier could propel prices toward $3,920, while holding $3,450 support remains vital for market stability.