Ethereum (ETH) is currently experiencing a robust bull run, showing promising signs of sustained growth as critical metrics reach all-time highs. The digital asset recently surged over 3%, hitting a peak of $3,840, the highest level since July 31. This upward trend reflects a significant recovery, marking a remarkable 15% increase from this month’s low, and an impressive 175% rise from its low point in April.
The underlying metrics supporting this bullish momentum are noteworthy. According to recent data, the stablecoin supply on the Ethereum network has surged to a record high of $138 billion, a remarkable increase of 7% over the past 30 days. This rise reaffirms Ethereum’s position as the leading blockchain for stablecoin transactions, showcasing its growing dominance in the crypto space.
Moreover, adjusted transaction volume on the network has seen a significant increase of 30%, reaching $766 billion, while the number of active addresses climbed to an impressive 2.5 million. This surge is further fueled by the recent passage of the GENIUS Act, which is perceived as crypto-friendly legislation under President Donald Trump’s administration.
In addition to these metrics, Ethereum’s decentralized finance (DeFi) sector is witnessing remarkable growth. The total value locked in DeFi has soared to an all-time high of $187 billion. Leading decentralized applications (dApps) like Lido, AAVE, EigenLayer, and EtherFi have recorded asset growth exceeding 50% in the past month, indicating a thriving ecosystem.
Institutional interest in Ethereum remains robust as well. Cumulative inflows into spot ETH ETFs have surpassed $9.2 billion, with BlackRock’s ETHA fund now holding $10.8 billion in assets under management. This influx of investment indicates a growing institutional adoption of Ethereum as a viable asset for exposure in the crypto market.
The technical analysis of Ethereum’s price chart reveals an ongoing uptrend since the low of $1,393 in April, with the price currently approaching its year-to-date high of $3,945. ETH consistently stays above both the 50-day and 100-day Exponential Moving Averages and has successfully broken above the 78.6% Fibonacci retracement level from the April low. With increasing momentum and strengthening on-chain activity, analysts suggest a potential continuation of this trend, targeting the 2024 high of $4,100.
In conclusion, the combination of enhanced metrics, institutional support, and a flourishing DeFi ecosystem positions Ethereum for further price appreciation. Investors and crypto enthusiasts alike will be watching closely to see how these factors play out in the coming weeks and months, potentially establishing new benchmarks for Ethereum.
