Ethereum's Weekly Active Addresses Hit 17.4 Million, TVL Surges 18.43%

Ethereum has experienced a surge in ecosystem usage since the beginning of June, with Weekly Active Addresses reaching a new all-time high of 17.4 million. This increase is driven by a significant 18.43% rise in Layer 2 Interactions, amplified by a 7.55x multiplier, indicating a substantial adoption spike in scalability networks. Despite a slight decline in cross-chain activity, the overall volume of core Ethereum usage reflects renewed interest from both retail and institutional participants. This sharp uptick in activity sets the stage for a potential momentum-driven breakout.

Ethereum’s Total Value Locked (TVL) has climbed to $86.63 billion, reflecting sustained capital inflow into Ethereum-based DeFi protocols despite recent market-wide volatility. This indicates that investors are regaining confidence in DeFi’s long-term viability, using Ethereum as the preferred settlement layer. As more assets flow into lending, staking, and liquidity protocols, Ethereum’s on-chain demand strengthens. Consequently, a growing TVL may offer vital support to Ethereum’s price action and ecosystem growth in the near term.

At the time of writing, Ethereum recorded a negative Exchange Netflow of a 1.59% decline in balance across major exchanges. This suggests a trend of users withdrawing assets to self-custody or locking them into staking contracts. Reduced exchange balances shrink immediate sell pressure and enhance bullish setups during momentum phases. If the trend holds, ETH could enter a supply squeeze scenario where even moderate demand spikes trigger steep price moves.

Ethereum continues to consolidate within the $2,383 to $2,824 range while forming a clean inverted head-and-shoulders pattern. Price recently rebounded to $2,515.80, gaining 0.87% on the day. The neckline resistance at $2,824 remains the key breakout level, while $2,383 acts as critical support. A confirmed move above the neckline could validate the bullish structure and push ETH toward the $3,000 mark. However, failure to break above resistance might delay upside momentum and trigger short-term consolidation.

All signals—from address activity and TVL to Exchange Netflows and trader sentiment—tilt bullish. However, it all comes down to $2,824. A clean break above this neckline could trigger Ethereum’s next leg up. Until then, volatility compression and long-heavy positioning could keep price trapped—or worse, flip the move into a fakeout.