Ethereum is showing signs of strength We are working on two important fronts simultaneously. On-chain activity has risen to record levels, reflecting an increase in actual usage across the network, but the long-term technical structure is deteriorating. The price is likely to continue upward.
Taken together, these signals suggest that Ethereum's current phase may be more than just a sideways move, as the underlying data points to sustained demand and constructive price action.
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Ethereum daily transactions reach new high
Ethereum’s price trend has been steadily rising in recent days and has turned bullish. Notably, on-chain data shows that this increase comes on top of steady on-chain activity in recent days.
data from Ethereum on-chain activity We recently saw an increase in transactions per day to approximately 2.8 million, a new high in the network's history. Interestingly, this number stands out not only as a record, but also in that it is approximately 64% higher than the daily trading levels observed during the peak of the 2021 bull market.
Sentora's chart data shows a trend that shows the number of Ethereum transactions increasing steadily over the years, before spiking in early 2026.
Comparison with 2021 trading activity Add more context Considering the intense amount of activity the Ethereum network was witnessing at the time. At the time, Ethereum was at the center of an altcoin season and an NFT boom, all of which contributed to a surge in trading activity and pushing the price to new highs.
The fact that Ethereum is currently processing significantly more transactions per day compared to 2021 indicates that its network usage is increasing beyond speculative activity. The steady increase in transaction activity indicates the sheer volume of usage in decentralized finance and stablecoin payments, among others.
Ethereum daily trading chart. Source: @SentoraHQ On X
Ethereum reaccumulation within a macro uptrend
Technical analysis of Ethereum market capitalization on a three-week candlestick time frame shows that the cryptocurrency is still trading in a stability zone. especially technical analysis done by crypto analysts Egrag Crypto suggests Ethereum exists Reaccumulation within a macro uptrend.
Looking at the 3-week time frame, we see that ETH market cap is above the 21 EMA, respecting the rising macro trend line, recording higher highs and higher lows, and compressing below historical resistance. It is a constructive action, not a weakness.
History shows that during this time frame, periods in which Ethereum’s market cap was above the 21 EMA led to an expansion phase, while sustained movement below it indicated bear market conditions.
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The current structure shows that EMA support has been defended. From a probabilistic perspective, the current configuration leans more toward continuation than failure. A move through the overhead resistance band will likely confirm an expansion phase and allow Ethereum to continue bullishly between 70% and 75%.
Market capitalization ETH. Source: @egragcrypto on X
On the other hand, a bearish outcome is possible if the price movement loses the 21 EMA on the 3-week chart. This could validate a deeper correction of 25%-30% towards the lower trendline, but this scenario is less likely.
Featured image from Unsplash, chart from TradingView
