Ethereum News Today: Ethereum hits 1.875M daily transactions as price nears $4,750

Ethereum’s network is surging toward an all-time high as daily on-chain transactions reach an unprecedented 1.875 million, reflecting intense demand for decentralized finance (DeFi), non-fungible tokens (NFTs), and token transfers. The spike in activity aligns with ETH’s price nearing $4,750, a level just below its previous peak of $4,878 from November 2021 [1]. This convergence of price and usage signals a strong correlation between Ethereum’s on-chain utility and its market behavior.

The record daily transaction count underscores robust engagement across the Ethereum network, driven by both retail and institutional users. On-chain analytics platform CryptoQuant noted that the transaction volume is unmatched in Ethereum’s history, with the blockchain processing more transactions in a single day than at any prior point [2]. Analyst CryptoOnchain highlighted that this level of activity is indicative of a parabolic rise in network utilization, signaling sustained growth in decentralized applications and wallet interactions [3].

The surge in transactions coincides with ETH testing a key resistance zone near $4,750. Analysts have noted that this level represents a significant area of historical supply where price could face immediate pressure. Sustained buying above this threshold could trigger a new phase of price discovery, while a failure to break through may lead to short-term consolidation around $3,950 [4]. The current setup reflects a pivotal moment for Ethereum, where on-chain fundamentals and price action converge.

The increasing use of Ethereum extends beyond basic token transfers. Recent data shows heightened activity in DeFi protocols and NFT marketplaces, further demonstrating the platform’s utility as a foundational layer for digital financial systems. This trend reinforces Ethereum’s role as a primary infrastructure for the next generation of financial tools [5].

While Ethereum’s price action and network metrics are closely intertwined, the market remains cautious about potential volatility. Analysts observe that high transaction volumes and rising prices do not guarantee a sustained breakout. The coming sessions will be critical in determining whether Ethereum can maintain its momentum and potentially surpass its previous highs [6].

Sources:

[1] https://coinpedia.org/crypto-live-news/ethereum-nears-all-time-high-as-transactions-hit-record-level/

[2] https://twitter.com/cryptoquant_com/status/155****428765195264

[3] https://cryptonews.com/news/ethereum-sees-biggest-search-spike-on-google-since-2021/