Ethereum is showing signs of strength on two critical fronts at the same time. Activity on the chain rose to record levels, reflecting higher actual usage across the network, while the long-term technical structure leaning to upside continuation.
Together, these signals suggest that Ethereum’s current phase may be more than just a sideways move, as fundamentals point to sustained demand and constructive price behavior.
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Daily transactions in Ethereum have reached a new high
Ethereum price action is turning bullish with a steady rise in recent days. Namely, data in the chain shows that this increase is on top of constant activity in the chain in recent days.
Data from Ethereum’s on-chain activity shows that daily transactions recently climbed to approximately 2.8 million, setting a new all-time record for the network. Interestingly, this figure stands out not only because of the record, but also because it is roughly 64% higher than the daily transaction levels seen during the peak of the 2021 bull market.
A graph of data from Sentora illustrates a progression that shows the number of Ethereum transactions increasing steadily over the years and peaking at the beginning of 2026.
Comparing transaction activity to 2021 adds more context given the intense amount of activity the Ethereum network was witnessing at the time. At the time, Ethereum was at the center of an altcoin and NFT boom season, all of which contributed to an increase in transaction activity and a push towards new highs.
The fact that Ethereum is now processing significantly more transactions per day compared to 2021 shows that its network usage has grown beyond speculative behavior. The steady increase in transaction activity shows the huge amount of use of decentralized finance and stablecoin settlements, among many others.
Ethereum daily transaction chart. Source: @SentoraHQ On X
Reaccumulation of Ethereum within a macro uptrend
A technical analysis of the Ethereum market cap on a three-week time frame shows that the cryptocurrency is still trading in a stability zone. Specifically, technical analysis made by a crypto analyst Egrag Crypto suggests that Ethereum is here reaccumulation within the macro uptrend.
A look at the 3-week time frame shows that ETH’s market cap is holding above the 21 EMA, respecting a rising macro trendline, printing more highs and more lows and collapsing under historical resistance. This is constructive behavior, not weakness.
History shows that periods where Ethereum’s market cap was above the 21 EMA in this time frame led to expansionary phases, while sustained moves below it marked bearish market conditions.
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Currently, the structure points to EMA support is defended. From a probabilistic standpoint, the current setup is leaning toward a continuation rather than a break. A break above the overhead resistance band would likely confirm the expansion phase and allow Ethereum to continue its 70% to 75% rise.
ETH market cap. Source: @egragcrypto On X
On the other hand, a bearish outcome will become possible if the price action loses the 21 EMA on the three-week chart. This could confirm a deeper correction of 25% to 30% towards the lower trendline, but this scenario is less likely.
Featured image from Unsplash, chart from TradingView
