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Ethereum’s network activity surges to 1.45 million daily transactions, matching 2021 highs and underscoring robust demand amid a critical price range.
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Price action remains confined between $2,450 and $2,700, with traders closely monitoring resistance levels as momentum shows signs of weakening.
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According to COINOTAG source CryptosBatman, the $2,450-$2,500 zone acts as a pivotal equilibrium area, serving as both support and resistance over recent months.
Ethereum’s daily transactions hit 1.45M, reinforcing strong network demand while price consolidates near $2,700 resistance amid mixed momentum signals.
Ethereum’s Transaction Volume Reaches 2021 Peak Levels, Highlighting Network Strength
Ethereum’s daily transaction count has climbed to approximately 1.45 million, a figure not seen since the 2021 bull market peak. This resurgence in on-chain activity reflects increased engagement from decentralized finance (DeFi) applications and sustained user participation. The network’s ability to maintain such high throughput amid sideways price movement indicates a solid foundation of usage-driven demand rather than speculative spikes.
Price Consolidation Between $2,450 and $2,700 Signals Market Equilibrium
Ethereum’s price has been oscillating within a well-defined range, with the $2,450 to $2,500 zone repeatedly acting as a critical support and resistance level. As noted by COINOTAG contributor CryptosBatman, this “blue rectangle” has served as an equilibrium zone, providing a reliable base for rebounds. Despite a recent death cross on the stochastic oscillator, price action has demonstrated resilience by reclaiming the midpoint of this range, suggesting that the underlying bullish structure remains intact.
Technical Indicators and Market Sentiment: Navigating the Current Landscape
While the death cross—a bearish signal where a short-term moving average crosses below a long-term moving average—has appeared on Ethereum’s stochastic oscillator, it has not yet translated into a decisive downtrend. Traders are advised to watch for volume confirmation to validate any potential breakout or breakdown. The current sideways momentum, coupled with strong network fundamentals, points to a market in balance, awaiting a catalyst to drive the next directional move.
Long-Term Network Usage Supports Ethereum’s Bullish Outlook
Market analyst Merlijn The Trader highlights Ethereum’s consistent transaction volume above 700,000 since 2022, culminating in the recent surge past 1.35 million daily transactions. This sustained activity underscores a network driven by real-world usage rather than speculative trading. The durability of this trend enhances Ethereum’s macro bullish narrative, suggesting that price appreciation may eventually align with the robust on-chain demand.
Looking Ahead: Key Price Levels and Network Metrics to Watch
Traders and investors should closely monitor the $2,700 resistance level, which represents a critical juncture for Ethereum’s price. A successful break above this threshold could pave the way toward the $2,900 mark, signaling renewed bullish momentum. Simultaneously, maintaining transaction volumes near or above 1.5 million daily will be essential to sustain confidence in the network’s growth trajectory. These combined metrics will likely dictate Ethereum’s market direction in the coming months.
Conclusion
Ethereum’s recent surge in daily transactions to levels last seen in 2021, alongside stable price support between $2,450 and $2,700, reflects a network balancing strong fundamental demand with cautious market sentiment. While technical indicators suggest some weakening momentum, the resilience of on-chain activity provides a solid foundation for potential upward movement. Investors should watch key resistance levels and transaction volumes closely to gauge Ethereum’s next phase, as the interplay between price and network usage remains pivotal for its near-term outlook.
