Ethereum Activity Surges 30% Despite Price Resistance

Ethereum (ETH) has been on an upward trajectory this week, mirroring the broader market trends. However, it continues to face resistance at the $2,879 level, which has prevented it from leading the anticipated “altseason.” Despite this, the network's activity paints a more optimistic picture.

On June 25, Ethereum recorded 1,750,940 confirmed transactions, marking the third-highest daily count in its history. This surge in activity breaks a months-long downward trend and indicates a significant increase in real usage. The “Ethereum: Transaction Count (Total)” metric, which includes ETH transfers, DeFi operations, smart contract executions, and DApp interactions, shows that such high activity levels have not been seen since January 14, 2024, when the cryptocurrency reached its all-time high with 1,961,144 transactions.

The recent spike in activity comes despite ETH’s price volatility, which has ranged between $2,111 and $2,879 over the past month. This divergence between price weakness and strong on-chain activity suggests potential early signals of accumulation and renewed interest in DeFi, even if it is not yet reflected in ETH’s market valuation. Institutional and retail interest remains steady, with stable ETH holdings on exchanges and rising transaction volumes on Layer 2 networks like Arbitrum and Optimism, which continue to handle a significant share of Ethereum’s daily settlement activity.

These developments point to deeper structural resilience in the network’s usage patterns. According to CryptoQuant, these trends reinforce Ethereum’s pivotal role in the broader crypto ecosystem and suggest that the network’s recent on-chain spike is not an isolated event but part of a deeper structural recovery.

Amid these signals of underlying strength, whale activity has emerged as another key indicator reflecting deep-pocketed confidence in Ethereum. Whales continue aggressive ETH accumulation, rapidly draining exchange supplies. Investor Ted Pillows highlighted one whale’s $8.91 million ETH purchase via Galaxy Digital, adding to $422 million in Ethereum amassed within a month. These large-scale buys suggest mounting confidence among whales, even as overall market sentiment remains cautious.