Surging Ethereum Transactions and Whale Accumulation May Collide With Weak Momentum, Leaving ETH Range-Bound

• Transactions surged to 1.6–1.7M daily, signaling higher on‑chain demand.

• Active Addresses climbed to ~422k, indicating real user engagement rather than bot-driven volume.

• Whale accumulation and a spike in perpetuals volume (~$1.268B) contrast with weak DMI and SMI momentum.

Ethereum network activity: transactions up to 1.7M, Active Addresses ~422k, ETH range-bound near $4,147 — read the analysis and trade-ready takeaways.

What is driving Ethereum’s recent network activity and price action?

Ethereum network activity is being driven by rising real-user transactions and renewed on‑chain engagement; daily transactions reached 1.6–1.7 million while Active Addresses rose to ~422k. Despite these fundamentals, ETH price remains range-bound near $4,147 due to weak momentum indicators.

How high are transactions and what do they mean?

Daily Ethereum transactions recently broke a four‑year range, registering between 1.6 and 1.7 million. Source: CryptoQuant. This uptick, paired with higher Active Addresses, points to growing decentralized finance (DeFi) activity and utility-driven demand rather than speculative ticks.

As of writing, network throughput shows the highest recorded transaction levels for Ethereum, reflecting sustained user activity across wallets and DeFi protocols.

Why are Active Addresses important now?

Active Addresses climbed from roughly 342k to 422k, showing a meaningful rebound in on‑chain users. Source: CryptoQuant. When Addresses and Transactions rise together, it typically signals genuine adoption rather than exchange or wash trading.

Real-user growth supports long-term value capture for ETH when paired with productive uses like DeFi and NFT activity.

How are whales and derivatives impacting ETH flows?

Large holders increased exposure while futures/perpetuals volume spiked. Source: Lookonchain (wallet activity); DefiLlama (perpetuals volume).

Two wallets related to Bitmine reportedly received 51,255 ETH (~$213M), lifting reported holdings materially. Perpetuals volume for Ethereum reached $1.268 billion on 01 October, the highest since July. These flows show both accumulation and elevated trader positioning.

When will momentum confirm a breakout?

Momentum indicators remain weak: the Directional Movement Index (DMI) sits near 17 with -DI higher, and the Stochastic Momentum Index (SMI) is around 33. Source: TradingView. For a bullish trend reversal, DMI needs a +DI flip above -DI and SMI must clear 40.

Until momentum confirms, expect ETH to remain range‑bound near $4,000–$4,300, with potential upside retests to $4,250 and $4,456 if whale flows translate to spot buying.

Frequently Asked Questions

How many transactions did Ethereum record recently?

Ethereum recorded between 1.6 and 1.7 million transactions in the latest daily snapshot, marking a multi‑year high and stronger on‑chain demand. Source: CryptoQuant.

Is whale accumulation driving ETH price higher?

Whale accumulation increases upside potential but has not yet overcome weak momentum indicators; futures volume growth shows rising exposure but price remains range‑bound until technicals improve.

What momentum readings should traders watch?

Traders should watch DMI for a +DI flip and SMI breaking above 40; these signals would suggest momentum is shifting from bearish to bullish.

Key Takeaways

• On‑chain adoption is up: Transactions and Active Addresses confirm rising real‑user activity.
• Market positioning is elevated: Whale accumulation and higher perps volume signal increased exposure.
• Momentum constrains price: Weak DMI/SMI keep ETH range‑bound until technicals improve.

Conclusion

Ethereum network activity shows clear adoption strength while price action reflects short-term technical inertia. Combining on‑chain data with derivatives positioning gives a balanced view: fundamentals are supportive, but traders should wait for momentum confirmation before assuming a sustained breakout. COINOTAG will continue monitoring on‑chain and market indicators.