Amid striking institutional attention, Daily activity on Ethereum is picking up again. Fresh on-chain data from Beaconcha.in, highlighted by CryptoGoos, show average transactions have climbed above 1.2 million a day, matching levels last seen during the 2021 bull market.
Developers say the rebound signals users are returning to the network after months of muted trade. The surge follows April’s Pectra upgrade and a long stretch of cheaper gas: fees now hover near six gwei, versus well over 300 gwei at the last peak.
Given this rise, analysts are asking if the catalyst can finally push Ether (ETH) price above the stubborn $2,600 ceiling.
Ethereum developer Arjun Bhuptani highlighted the trend, noting on X that “daily transactions are approaching all-time highs for the first time since 2021… gas is 5-6 gwei today, compared to >300 gwei back then.” The post credits recent scaling work for the smoother network and says “we scaled the chain.”
The stablecoin supply on Ethereum also hit a yearly high last week, and Binance futures data show top traders lifting long ETH positions from 52% to 64% since the start of July. Yet ETH price action remains capped with it slipping to $2 520 after rejection at $2 600 on Wednesday.
Analytics firm Ecoinmetrics notes spot ETH ETFs have gathered about $4 billion since launch, strong, but far below the $30 billion flowing into bitcoin funds, a gap it blames on “a weaker narrative.”
Whether the fresh traffic can break that ceiling is unclear. For now, developers welcome a network that finally moves at full capacity with lower fees, hoping sustained demand will filter into price before the year is out.
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