Ethereum News Today: Ethereum Wallets Hit 674,000 as Network Adoption Drives Quiet Growth

Ethereum’s on-chain activity has surged to multi-year highs, with active wallet addresses reaching 674,000—the highest level since the 2021 bull run. Analysts attribute this growth to increased network adoption rather than speculative behavior, as both daily transaction volumes and new wallet creation have shown consistent acceleration. Cas Abbé highlighted that this trend suggests Ethereum is experiencing "quiet but strong growth," with usage outpacing previous market cycles [1].

The EIP-1559 protocol continues to play a key role in tightening Ethereum’s supply, as ongoing ETH burns have pushed net emissions to near-zero levels. This dynamic, even amid market volatility, has created a more controlled supply environment, potentially providing a foundation for greater price stability. The mechanism’s impact is reinforced by institutional interest, with Ethereum ETFs reporting $154.3 million in inflows over the past week, as investors take advantage of price corrections [2].

From a technical perspective, Ethereum is currently trading near $3,550, with a 24-hour volume of around $20 billion. While the asset has gained 3% in the past day, it has fallen 9% in the last week. Analyst Michaël van de Poppe has identified a near-term support range between $3,200 and $3,350 and a critical long-term entry level between $2,950 and $3,050. He suggests that a further pullback to the latter could signal a strong accumulation opportunity ahead of a potential rebound toward $4,000 [3].

Trading volume has increased during the recent decline, often signaling a potential reversal. The RSI remains in a neutral-to-weak range, indicating that while the market has cooled, it is not yet oversold. Additional key support levels, such as $2,924 and $2,750, are being watched by traders as critical thresholds for continued bearish momentum [4].

Historical seasonal data from CoinGlass reveals mixed patterns for Ethereum in August, with double-digit losses in 2023 and 2024 but a 36% gain in 2021 during a bull phase. The current market environment appears to be drawing comparisons to previous cycles, as increased social media engagement—such as Eric Trump’s recent post on X encouraging investors to “buy the dip”—has drawn attention to Ethereum’s on-chain fundamentals [5].

Traders and investors are now closely watching on-chain metrics, supply fluctuations, and key price levels to gauge the next phase of Ethereum’s trajectory.

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[1] [Ethereum (ETH) is recording higher on-chain activity, with daily transactions reaching the highest level in over a year](https://coinmarketcap.com/community/articles/68909179a62400030f07238b/)