Ethereum News Today: Ethereum On-Chain Volume Surges to $12.93 Billion Amid Bullish Momentum

Ethereum’s on-chain volume has surged to $12.93 billion, marking one of the most significant spikes in network activity since its 2021 peak of $16 billion [1]. The price of ETH has remained firmly above $4,400, with the cryptocurrency recently reaching $4,792—just shy of its 2021 all-time high. This bullish momentum is driven by strong institutional interest, shrinking supply on exchanges, and increased demand in decentralized finance. The rising on-chain volume reflects renewed investor participation and suggests growing utility across the Ethereum network [1].

The recent price action highlights ETH's ability to break above long-term moving averages, including the 50-week, 100-week, and 200-week simple moving averages, all of which are significantly below current levels. This confirms a strong uptrend and indicates that Ethereum has transitioned into a bullish phase following a prolonged consolidation period. The key resistance level now sits in the $4,800–$5,000 range, aligning with the 2021 all-time high. A sustained breakout above this zone could push the price toward $5,500 to $6,000 if momentum continues [1].

On-chain metrics also show tightening supply conditions, with declining exchange balances and thinning OTC liquidity signaling potential accumulation by large investors. This trend has historically preceded sharp price increases. However, the market is not without risks. The MVRV (Market Value to Realized Value) ratio has entered the +3σ to +4σ range, indicating potential overheating and short-term profit-taking pressure. A failure to hold key resistance levels could result in a pullback toward the $4,200–$4,300 support zone [1].

Ethereum ETFs have also played a role in reinforcing this bullish narrative. On August 13, Ethereum ETFs saw a significant influx of $729 million, further boosting investor confidence and ETH’s market capitalization. This capital flow adds to the growing momentum in the market and supports the view that Ethereum is becoming a cornerstone of institutional crypto portfolios [4].

The broader market context also supports Ethereum's rally. With Bitcoin showing signs of entering its final bull phase, capital may begin to rotate into altcoins, with Ethereum positioned as a leading beneficiary. Analysts suggest this could mark the start of an "altseason," a period typically characterized by strong performance across the altcoin market. However, maintaining these gains will depend on Ethereum’s ability to continue attracting inflows and institutional adoption [1].

While the near-term outlook remains bullish, investors should remain cautious. The recent sharp rally increases the likelihood of a correction, especially if short-term profit-takers begin to withdraw. Nonetheless, as long as Ethereum holds above $4,200–$4,300, the structural bullish trend remains intact, and the path to a new all-time high remains open [1].

Source: [1] Ethereum MVRV Ratio Nears Overheated Zone (https://www.mitrade.com/insights/news/live-news/article-3-1045305-20250816)

[3] scaling: News & Updates (https://cryptodnes.bg/en/tag/scaling/)

[4] Ethereum ETFs see $729M boost as ETH price nears all-time high (https://cryptoslate.com/ethereum-etfs-maintain-hot-streak-with-729m-in-fresh-capital-pushing-eth-price-near-ath/)

[5] Ethereum Price, ETH Price, Live Charts, and Marketcap (https://www.coinbase.com/price/ethereum)