Ethereum’s on-chain activity has surged to unprecedented levels, signaling a potential turning point in the cryptocurrency’s trajectory. Daily transactions hit a record high of 1.74 million on August 5, 2025, surpassing even the peak levels seen during the 2021 bull run [1]. This surge in transaction volume is part of a broader trend of rising on-chain engagement, with Ethereum processing a total of 46.67 million transactions in July alone [2]. Active addresses have also increased significantly, reaching 683,520, reflecting strong decentralized finance (DeFi) rotation and growing institutional deployment on-chain [2].

The surge in transaction volume is accompanied by a rise in network fees, which have reached $48.2 million—up 41% month-over-month [2]. These metrics underscore robust user participation and confidence in Ethereum’s ecosystem. Additionally, stablecoin supply on the Ethereum network has risen to $138 billion, a 7% increase in the past 30 days [2]. Adjusted transaction volume has climbed to $766 billion, reflecting a 30% increase in the same period [2].

Ethereum’s DeFi sector is also expanding rapidly. Total Value Locked (TVL) in Ethereum-based protocols has reached an all-time high of $187 billion, with major decentralized applications (dApps) like Lido, Aave, EigenLayer, and EtherFi experiencing over 50% growth in assets held over the past month [2]. This surge in DeFi activity aligns with broader Ethereum adoption, particularly with increasing institutional interest.

Institutional demand for Ethereum is evident through significant inflows into spot ETH exchange-traded funds (ETFs). Cumulative inflows have exceeded $9.2 billion, with BlackRock’s ETHA ETF managing $10.8 billion in assets under management [2]. This trend indicates growing institutional adoption and confidence in Ethereum’s long-term potential. Corporate Ethereum holdings also saw a dramatic rise of 127.7% in July, reaching over 2.7 million ETH, now accounting for nearly half of all ETF-held ETH [1].

On the price front, Ethereum has shown notable momentum. ETH has rebounded nearly 8% this week, reclaiming over 80% of last week’s pullback after reaching a local high of $3,941 [1]. The price has surged 175% from its April low and is currently up 15% from this month’s trough [2]. On August 6, ETH was trading at $3,658, up 2.2% for the day but down 4.7% over the week [3]. The asset has since pushed above $3,840—the highest level since July 31 [2].

Technically, Ethereum is showing strength as the price remains above both the 50-day and 100-day Exponential Moving Averages. It has also broken above the 78.6% Fibonacci retracement level from its April low [2]. These indicators suggest continued upward momentum and raise the possibility of Ethereum testing its 2024 high of $4,100 [2].

Despite the positive on-chain and price action, not all indicators are uniformly bullish. Ethereum ETFs experienced a significant outflow of $465.06 million on August 4—the largest outflow since their launch last year [4]. This highlights a degree of caution among some investors, even as the broader on-chain fundamentals remain strong.

Ethereum currently trades at $3,826.38, with a 24-hour increase of 3.98% [5]. Analysts predict a possible short-term pullback to $3,747.22, though longer-term projections remain optimistic [5]. With momentum building and key metrics trending upwards, Ethereum appears to be entering a phase of sustained growth. The convergence of record-breaking transaction levels, institutional adoption, and expanding use cases in stablecoins and DeFi positions the network for further development.

Source: [1] AMBCrypto, Ethereum transactions hit a record high: Is a new ATH in sight this August? https://ambcrypto.com/ethereum-transactions-hit-a-record-high-is-a-new-ath-in-sight-this-august/ [2] Crypto, Ethereum price eyes strong rebound as top metrics hits ATH https://crypto.news/ethereum-price-eyes-strong-rebound-as-top-metrics-hits-ath/ [3] Crypto, ETH holds $3.6K as Ethereum daily transactions near ATH https://crypto.news/eth-price-ethereum-transactions-all-time-high-2025/ [4] NewsBTC, Spot Ethereum ETFs Are Bleeding With Record Outflows https://www.newsbtc.com/news/ethereum/spot-ethereum-etfs-are-bleeding/ [5] Bitget, Ethereum (ETH) Price prediction https://www.bitget.com/price/ethereum/price-prediction