Ethereum (ETH) Daily Transactions Top 2 Million, Up From 1.5M Last Year

Network Usage Climbs Below $2,500

Ethereum (ETH) has spent recent sessions pinned directly beneath the $2,500 threshold, consolidating after a vertical advance off the summer lows near $1.5K. The larger structure has repaired itself in a way few would have predicted two months ago: the price first reclaimed the $1.9K shelf, then pushed through the declining 100-day and 200-day moving averages that had suppressed every rally through the first half of the year. Both trend measures have now turned upward, although a confirmed bullish crossover has yet to print. As long as the consolidation holds, technicians read the pattern as a continuation base rather than exhaustion — but the repeated rejections into the $2.5K ceiling confirm supply is still active there. A decisive daily close above that zone would open the path toward $3K, with a heavier supply band waiting near $3.3K; failure keeps the $2K structural floor and the $1.9K launchpad of the entire rally in play, and a break under the latter would reopen the $1.5K region. For readers tracking the broader Ethereum price action, the real story sits underneath the chart: on-chain data shows daily transaction counts on Ethereum's network recently climbed above 2 million per day, a sharp recovery from roughly 1.5 million at the same point last year. The timing matters. Activity expanded alongside the price recovery rather than against it, a combination that historically signals healthier participation than a rally carried by leverage alone. Part of the uplift flows from increased settlement across layer-2 scaling networks and heavier smart contract interaction, which translate into more base-layer transactions and higher gas fee outlays. The caveat is intent: elevated transaction flow can also reflect holders repositioning — or taking profit — out of concern another leg lower remains possible. The on-chain picture is improving; it is not yet unambiguous confirmation of a fresh expansion phase.

Liquidation Clusters Stack Both Sides of the Range

The short-term tape told a tighter story on Sep. 10. ETH earlier in the session traded near $2,468 after dipping to roughly $2,455, moving inside a narrow $2,455–$2,485 band in which neither side established control. On the 4-hour chart, price tested the lower Bollinger Band near $2,460 with the middle line at $2,484 and the upper band at $2,508 — a setup indicating short-term selling pressure, not buying, was pressing the range floor. The daily Chaikin Money Flow reading sat near zero, confirming no decisive capital inflow, while a daily ADX of 50.56 reflected the sheer strength of the August trend even as price stalls. Leverage is now the swing factor. CoinGlass' 24-hour liquidation heatmap for ETH shows dense clusters of leveraged longs just below spot near $2,440, with further concentrations between $2,400 and $2,430; above the market, the largest pools sit around $2,490 and between $2,520 and $2,535, with extra liquidity near $2,550. A break under $2,440 would force longs to unwind and could accelerate a slide into those lower bands, while a push through $2,490 could trigger short liquidations and yank price toward $2,520 quickly. Analysts frame the decision zone almost identically. Trader Daan Crypto Trades noted Ethereum had carved out an even tighter range than Bitcoin while resting on the $2,460 support, warning that whichever side eventually loses the range faces heavy liquidations. Analyst Ted Pillows sets the wider band at $2,450–$2,550 and argues only a weekly close above $2,550 starts the next leg, with Murray Math targets at $2,656 and $2,812 beyond it — a scenario consistent with strategists who have put a $6,000 December target on ETH once $2,500 gives way. A sustained loss of $2,450 instead shifts attention to $2,343.75 and pivot support near $2,187.50, and the Federal Reserve's Sep. 15–16 meeting now looms over any range break. Readers tracking the market in real time can follow live spot and futures prices on Bitget.

$2,387 Floor Is the Line That Matters

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames the squeeze precisely: spot ETH trades at $2,439.95, down 2.29% over 24 hours, with the $2,497.60 resistance — rated 81/100 on a Flip S→R, Swing High and Donchian Upper confluence — sitting directly overhead, and the $2,386.69 support, a stronger 90/100 cluster (Fibo 0.214, EMA 20, Swing Low, Donchian Lower), just beneath. Derivatives lean bullish-but-crowded: a -0.0046% funding rate shows shorts paying a slight premium, while open interest near $9.99 billion and a 1.81 long/short account ratio (64.4% long) signal crowded longs. With Fear & Greed at 69 (Greed), RSI at 58 and a bearish MACD inside a broader uptrend, reclaiming $2,497 opens $2,855; losing $2,386 invalidates the setup and exposes $2,240.